REPORT: Big Oil Clings To Tax Breaks While Hoarding Cash

A new report from the Center for American Progress’ Dan Weiss and Valeri Vasquez shows that even as Big Oil fights tooth and nail to preserve tax breaks that President Obama and congressional Democrats have proposed repealing, just five oil companies (Exxon, Shell, Chevron, BP, and ConocoPhillips) “are sitting on cash resources of $59 billion.” This pile of cash “is 30 times more than the estimated $2 billion in annual tax breaks that these companies receive”:

Clearly, these companies do not need tax breaks in order to incentivize them to drill for oil, conduct research, or hire workers. At the end of June, non-financial corporations held more than $2 trillion in cash, a $88 billion jump since the end of March, and cash holdings made up 7.1 percent of all company assets, the highest level since 1963.