Poor Shell.. Profits Don't Triple in 3rd Quarter (More than Double)

shell oil profits more than double

I just reported yesterday that BP’s profits doubled in the 3rd quarter of this year. Now, news is Shell’s have as well. Those poor oil companies. They are getting hit so hard by the economic hardship of the US and the EU. And, for some reason, in the midst of their struggles, people are pushing for their $4 billion in tax breaks to be taken away. Heartless people!

How could we ever expect to get jobs back and get the economy rolling if we make these companies pay taxes. I mean, clearly, if we did so, they wouldn’t be able to create all the extra jobs they are going to create with their tremendous revenue….

I don’t know when people are going to realize that if oil companies don’t see record-breaking profits they won’t have any money to hire people with.

And I’m sure that Shell, BP and others are going to go on a hiring spree any day now, now that they are making some decent money. Mark my words, this country is going to be rolling in oil industry jobs in no time, thanks to our politicians (mostly Republicans.. but not only them) not taxing the oil companies.

Back to the Shell news, here are some more stats:

  1. Shell had $7 billion in profits in the 3rd quarter of 2011, more than double what it had at this time last year.
  2. Shell’s total profits are up to $21 billion in 2011 (obviously, not enough to warrant it paying taxes).
  3. Shell’s spent over $11 million on lobbying in 2011 so far (in the top 20 amongst all companies and 2nd amongst oil & gas companies, just below ConocoPhillips and just above ExxonMobil) — combined, the oil & gas industry has spent over $110 million in lobbying in 2011.
  4. Shell, rather than creating jobs or investing more in clean energy options, is sitting on about $13 billion in on-hand cash.

wealth trickles down cartoon bp profits

h/t Think Progress

Shell tanker photo via kenjonbro

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