"BP Doubles Profits in Third Quarter to $4.9 Billion"
by Noreen Nielsen
BP announced early this morning that its third-quarter profits more than doubled as a result of high oil prices, earning them $4.9 billion, and bringing their total profits earned in 2011 to nearly $16 billion. A is quick look at some other key facts:
- BP has spent over $3.7 million on lobbying Congress in 2011.
- BP has made over $65,000 in political contributions in just 2011, with 70 percent of contributions going to Republicans.
- BP is sitting on $19 billion in cash on hand. Added together, the Big Five oil companies — BP, Exxon, Chevron, ConocoPhillips and Shell — are sitting on cash resources of $59 billion and made nearly $1 trillion in profits over the past decade.
- Despite this, BP and its other Big Oil allies continue to aggressively lobby Congress to maintain their billions of dollars in oil industry tax breaks.
Moreover, BP — responsible for the worst oil spill in U.S. history — has only paid out about $7 billion of the $20 billion fund set up to pay compensation claims to the economic victims of the Gulf of Mexico oil spill.
Related Post: “As Gulf Coast suffers, BP Q1 profits soar to $7 billion“