"BP Announces ‘Disappointing’ Profits Of $5.6 Billion"
Our guest blogger is Noreen Nielsen.
This morning, BP announced $5.6 billion in profits in the second-quarter of 2011, a decrease from Q1, “disappointing” investors who expected even more. Despite making $11 billion in profits in just 2011 alone, BP and its other Big Oil allies continue to aggressively lobby Congress to maintain their billions of dollars in oil industry tax breaks. A quick look at some other key facts:
– BP has already spent $2 million lobbying Congress this year.
— BP has made over $40,000 in political contributions in just 2011, with 93 percent going to Republicans.
— The Big Five oil companies — BP, Exxon, Chevron, ConocoPhillips and Shell — made more than $900 billion in profits (figure in 2011 dollars) – almost a trillion dollars – over the previous decade.
Moreover, BP — responsible for the worst oil spill in U.S. history, has only paid out $4 billion of the $20 billion fund set up to pay restitution to the economic victims of its Gulf of Mexico. BP claims that the Gulf Coast economy is booming, despite evidence that suggests otherwise.