October 31, 2011

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

CAP, Center for American Progress


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. . .

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


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