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Tag: ExxonMobil

Big Oil: Tens of Billions in Cash Reserves but Opposing Fair Tax System

On September 19 President Barack Obama announced his plan to reduce the deficit by $4 trillion over the next 12 years, including raising $1.5 trillion by closing special interest loopholes and other revenue raisers. This includes eliminating $41 billion in tax loopholes for the oil and gas industry (p. 63) over the next decade.

Oil Companies & U.S. Chamber of Commerce — One & the Same?

Continuing on with our series on 350.org’s The U.S. Chamber of Commerce Doesn’t Speak for Me campaign, let’s take a quick look at some ties between the Chamber and the oil industry.

As you may have heard, and 350.org recently noted, large oil companies are having a ball, raking in billions and billions of dollars in profit (that’s right, not revenue but profit) while the U.S. economy suffers:

“Exxon Mobil nabbed $10.7bn; Shell pulled in $6.9bn; Chevron, $4.5bn; and last but not least, BP, after accounting for oil spill losses still made out with $7.1bn.”