Times are good for the six largest oil companies, with profits easily surpassing the figures from before the 2008 financial meltdown. In 2011 ExxonMobil led the way with profits of $41.1 billion. Shell was in second place at $28.6 billion, followed by Chevron at $26.8 billion and BP at $23.9 billion. Total was back at $15.9 billion and ConocoPhillips trailed at $12.4 billion. All six showed stronger profits than in 2007.<\/p>\n
Overall it\u2019s been literally a trillion-dollar decade for the oil and gas giants. From 2002 to 2011, ExxonMobil gained $310.6 billion, Shell $203.9 billion, Chevron $151.8 billion and BP $146.9 billion despite its loss year because of the 2010 Gulf of Mexico oil spill.<\/p>\n
Although oil industry advocates, such as Jack Gerard, the CEO of the American Petroleum Institute, have recently whined about \u201cdiscrimination\u201d<\/a> against the oil industry, Taxpayers for Common Sense<\/a> has called attention to at least a dozen different subsidies that favor the industry. Brian Siu, a policy analyst for the Natural Resources Defense Council<\/a>, told Roll Call<\/em><\/a> that one subsidy, allowing companies to deduct intangible drilling costs, has been available to the industry since 1916.<\/p>\n To Learn More:<\/em><\/strong><\/p>\n Big Oil Tops $150 Billion in Profits in 2011<\/a> (Taxpayers for Common Sense)<\/p>\n Financial Performance of the Major Oil Companies, 2007-2011<\/a> (by Robert Pirog, Congressional Research Service) (pdf)<\/p>\n Petroleum Industry Claims Cutting Its Tax Breaks is \u201cDiscriminatory\u201d<\/a> (by Noel Brinkerhoff and David Wallechinsky, AllGov)<\/p>\n U.S. Use of Gasoline is Down, Yet Pump Prices are Up as Speculators Move In<\/a> (by Noel Brinkerhoff and David Wallechinsky, AllGov)<\/p>\n