Markey: Top Five Oil Cos. On Track for $160 Billion in Profits in 2008
FOR IMMEDIATE RELEASE
Contact: Eben Burnham-Snyder, Select Committee, 202-225-4081
Markey: Top Five Oil Cos. On Track for $160 Billion in Profits in 2008
Companies Must Stop Protecting Billions in Tax Breaks Meant for Renewables
--UPDATED STAFF REPORT ON BIG OIL PROFITS BELOW--
WASHINGTON (July 31, 2008) – With ExxonMobil’s report of a $11.68 billion haul in the second quarter of 2008, the world’s top five oil companies are now on track for more than $160 billion in profits this year, easily outpacing last year’s $123 billion. And while Americans continue to call for a shift away from expensive fossil fuels and towards renewable energy, the oil companies are protecting billions of dollars in tax breaks that Democrats want to shift to renewable energy and clean fuels.
“Exxon’s profits are excessive. Shell’s profits leave us shellshocked. And BP now stands for Bloated Profits,” said Rep. Edward J. Markey (D-Mass.), Chairman of the House Select Committee on Energy Independence and Global Warming. “These oil companies cannot continue to earn these profits, spend a pittance on renewable fuels to move America beyond oil, and then block any efforts to shift billions in tax breaks to companies trying to bring about the next generation of clean energy.”
The Select Committee on Energy Independence today released an updated report on the profits from Big Oil and where their money is being spent. The top five oil companies are now on track to hit $160 billion in profits for the year, but much like last year, money from the pockets of American drivers is being spent on stock buybacks more than on research and development of renewable fuels.
The report is available at the Select Committee’s website HERE.
According to the report, Exxon made $40.6 billion in profits in 2007, spent $31.8 billion on stock buybacks, and invested only $10 million dollars in renewable energy resources. This year, Exxon has already spent $16 billion in stock buybacks.
The oil companies have also lobbied against releasing light crude oil from the Strategic Petroleum Reserve, and replacing that oil with heavy crude and against legislation that would compel production on the 68 million acres of leases the oil companies currently own on American land and sea, but are not using.
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