Oil companies made $200,000 every minute

Oil companies made $200,000 every minute

Can't afford higher petrol prices? Spare a thought for Big Oil.

The big five oil companies Shell, ExxonMobil, ConocoPhillips, BP America and Chevron Corp have reported profits that hit a whopping $36 billion during the first quarter.

Do the numbers. That means, as Friends of the Earth president Erich Pipa points out, the world's biggest oil companies made more than $200,000 every minute in the first quarter.

As part of the corporate welfare system, these companies also enjoy massive tax breaks and subsidies. That will continue with the US Senate rejecting legislation that would have removed the tax breaks of $21 billion over the last 10 years.

The oil companies of course campaigned against the Obama's administration's attempts to get rid of the tax concessions. ConocoPhillips even put out a press release calling the measures "Un-American". They have a point. The corporate welfare system that bankrolls Big Oil is very American


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