October 31, 2011

Update: 'Big Oil' Makes a Cool $33 Billion in Third Quarter

CAP, Center for American Progress


americanprogress.com

Thanks to high oil prices, BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell made a combined $101 billion in profits during the first nine months of 2011. With higher oil prices looming, they could surpass their record-setting profits of 2007 and 2008 by the end of the year. What’s more, four of the companies are using an average of one-third of their profits to buy back their own stock. That enriches their shareholders but it doesn’t add to oil supplies or investments in alternative fuels or other new technologies. . .

Read Full Article ››

TAGGED: oil prices, economy, oil industry, oil, Center for American Progress

RECOMMENDED ARTICLES

May 17, 2012
America's Future Under 'Drill, Baby, Drill'
Madrid/Gordon/Ramos, CAP
When it comes to Big Oil, the latest news clips say it all—soaring gas prices topping $4 a gallon; a record-high $33.5 billion, or $368 million per day, in 2012 first-quarter profits for BP, Chevron, ConocoPhillips,... more ››
May 7, 2012
With Jobs Report, Oil Traders Hit Reset Button
Jim Jelter, MarketWatch
The latest crisis to roil oil markets was served up Friday by none other than the U.S. Labor Department. The response was swift and decisive. . . more ››
It is difficult not to be wooed by Exxon Mobil (XOM). Even with the punches it has received, Exxon is still the big kid on the street that can take it and come back for more. With lower North American natural gas prices, an... more ››
May 7, 2012
Argentina the Lawless Outcast
Luiz Lampreia, Project Syndicate
Roughly 20 years ago, an important Argentine minister startled a newly arrived Brazilian ambassador by telling him that “Argentina is prodigal in three things: meat, wheat, and insane gestures.” The decision to... more ››
May 14, 2012
Fact-Checkers and Koch's 'Big Oil'
Bob King, Politico
The Koch brothers have an unlikely ally in the war of words with their liberal adversaries: the nation’s journalistic fact-checkers. Both The Washington Post’s Fact Checker blog and the nonpartisan site. . . more ››