Exxon Makes $30.5 Billion, So GOP Votes Unanimously To Give Them Tax Breaks
by Brad Johnson
May 5, 2011
Exxon Mobil is by far the most profitable company in the new Fortune 500 list, riding “high oil prices to a staggering $30 billion in income” in 2010. Exxon made over $10 billion more than fellow oil giant Chevron, the third most profitable company (AT&T edged out Chevron for the number two spot). ConocoPhillips’ $11.4 billion in profits put it in the 16th spot, giving the three oil giants a combined $60.9 billion in profits in 2010.
Today, the Republicans in the House of Representatives celebrated this massive redistribution of wealth from American families to oil executives. With the support of 7 oil-patch Democrats, 234 Republicans voted to block a bill to eliminate a $1.8 billion annual subsidy that treats oil drilling as “domestic manufacturing”:
House Republicans rejected an effort by Democrats Thursday to use a procedural maneuver to force a vote on a bill to repeal a key oil industry tax break.
As they did in March, House Republicans voted unanimously to defend these wasteful, unaffordable and unfair oil subsidies, even though several members told their constituents they want to end them.
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