May 20, 2011

Oil Subsidies - just the facts


Oil Industry tax breaks
  • $4 billion: Cost of Big Oil tax breaks in 2011.
  • $77 billion: Cost of Big Oil tax breaks from 2011 to 2021.

Oil Industry profits

  • $902 billion: Total profits for the five biggest oil companies in the United States, 2001–2010 (in 2011 dollars).
  • $32 billion: Total Big Oil earnings, first quarter of 2011. Exxon Mobil alone accounted for $10.7 billion of that figure.
  • 38 percent: Big Oil's first-quarter-2011 profit increase over the first quarter of 2010.
  • 28 percent: Increase in gasoline prices compared to 2010.

Oil industry votes to close loopholes

  • 2: House Republicans who voted to cut tax loopholes for Big Oil during debate on H.R. 1230.
  • 147: House Democrats who voted to cut tax loopholes for Big Oil during debate on H.R. 1230.

Public supports ending tax breaks


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