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ConocoPhillips Rakes in $3.4 Billion in Profits from High Oil Prices, Buys More Influence to Keep Billion-Dollar Tax Breaks

By Joe Romm on July 27, 2011 at 9:45 am

"ConocoPhillips Rakes in $3.4 Billion in Profits from High Oil Prices, Buys More Influence to Keep Billion-Dollar Tax Breaks"

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This morning, ConocoPhillips announced their 2011 second-quarter earnings, reporting profits of $3.4 billion, bringing their total profits in the first six months of 2011 to $6.4 billion. Below is a quick look at ConocoPhillips, by the numbers:

It’s kind of an amplifying carbon-cycle feedback.  Rake in billions from consumers, use the money to buy influence to maintain tax breaks.  And as a bonus, any deficit cuts have to come at the expense of … consumers.  Talk about win-win for Big Oil!

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