GRAPHIC: A Day In The Life Of Big Oil

Every hour so far in 2012, the five largest oil corporations have recorded a $14,400,000 profit. And every hour, they received more than $270,000 in federal tax breaks. That adds up to $2.4 billion in subsidies every year for the five largest oil corporations — Royal Dutch Shell, ExxonMobil, Chevron, BP, and ConocoPhillips — all ranked as the top 9 companies in the world.

Even though BP posted an unexpected second-quarter loss, these five companies are on track to meet last year’s record profits. Put these numbers into context, and they are not so “disappointing“: Big Oil profits more in one minute than what 96 percent of American households earn in one year. Even so, Mitt Romney and House Republicans want to double what the five companies receive in federal tax breaks to $12.8 million per day, even though the three publicly owned U.S. companies paid an average tax rate of under 17 percent.

The graphic below illustrates where Big Oil directs these profits and its pollution over the course of a day:

1 Center for American Progress, 7/30
2 Center for American Progress, 7/31
4 Wall Street Journal
5 Open Secrets

13 Responses to GRAPHIC: A Day In The Life Of Big Oil

  1. facts lean left says:

    Al Qaeda is jealous of Big Oil and the GOP, who are conspiring to destroy America much faster and more completely than any radical Muslim group.

  2. katym. says:

    sickening… sinful… stupid…
    especially scary.

  3. Ponds says:

    The metric you left out: Between 2005 and 2010, these companies reduced their US workforce by 11,200.

  4. They could make a lot more profit than that simply by bringing production levels down (and prices as well as the value of their deposits way up).

    Someone should tell them. Actually, climate hawks should tell them.

  5. Leif says:

    I think their game now is to lock up resources as quickly as possible while the politics are in their favor. They have spent a lot to get the current congress and they need return on their investment. Environment be damned.

  6. Jim Kinley says:

    Oh yeah. This is all the GOP’s fault Big Oil is making all this money. I mean they have been in total control of government for the last 3 1/2 years to let them run wild and unregulated…(eyes rolling)

  7. I am not sure what you mean by “locking up” resources.

    My advice is to “lock up resources”, as in don’t use most of them for a while. Fossil fuel prices will go up that way.

    And my larger point is that the fossil fuel interests and the climate hawk interests should be aligned. Greed and green goes together quite well, if I am right.

    That would be a big deal, if I happen to be right. All the lobbying money would flow in a very different direction.

  8. Patrick Moctezuma says:

    Obama has called repeatedly to end tax breaks for the Oil industry. My GOP Rep, Robert Hurt, has voted 109 times to keep current tax breaks and subsidies for the wealthiest industry in the planet’s history, at a time when we cannot afford it all, in total hypocrisy for a party that claims to give a crap about deficits.

    YES, IT IS THE FAULT OF THE GOP. Read any article about the Koch Brothers and who they have bought in Congress, and shut your noise hole until then.

  9. Leif says:

    I fully agree with you Karl.I would like to think that long term investors in fossil industries would as well if they thought about it.

    By “locking up” I mean buying leases to resources that they currently have no intention of exploiting in the foreseeable future. They want possession now, at give away prices, so if/when the politics change they have a “legal” claim to those resources and it would be harder for the courts to repossess for the benefit of humanity.
    Possession is 9/10 of the law I recall.

  10. Jo says:

    Tell me again why Big Oil needs our tax dollars?

  11. viciouscircle says:

    Yes, you’re right it is their fault..and don’t roll your eyes,be a grown-up & go look at the voting records in Congress..stop sticking up for people that are voting against your interest. Go…look….

  12. Eli says:

    Actually, its been the last 31 and 1/2 years that these laws have been put into effect. They started with Reagan and the lobbyists have kept their claws in Congress the entire time. When Clinton tried to do something he got buried under the Monica Lewinsky thing. Obama hasn’t had anything that big to pin on him, but he’s still buried under the most Congressional filibusters in the past 100 years.

  13. ffinder says:

    Although this:

    GRAPHIC: A Day In The Life Of Big Oil

    is nice in pointing out the damage done
    it MINIMIZES the scale of the damage.

    To REALLY appreciate the scale of damage i wish the authors will do the graphic again but this time like this:

    GRAPHIC: A YEAR In The Life Of Big Oil ! !

    A YEAR will really show the scale of the damage..