April 17, 2012
How Much Will Big Oil Pay in Taxes This Year?
Chris Helman, Forbes
No wonder President Obama loves to bash Big Oil. Thanks to high crude prices, America’s big three oil companies are raking in the profits. Last year ExxonMobil churned out net income of $41 billion, while Chevron netted$27 billion and ConocoPhillips $12.4 billion. With profits like that, these guys couldn’t possibly be paying enough taxes, right? So says the president, who in late March urged Congress to take away their tax breaks, insisting that doing so could bring in $25 billion in additional tax revenue over 10 years. “They can stand with big oil companies, or they can stand with the American people,” the president said.
TAGGED: Big Oil, taxes