Posts in Big Oil Profits
- Pssst. I’ve got a secret. The oil industry is in it for the money. I know how shocking this must be for many of you. But it’s true. Literally. The duty of Big Oil’s executives to their shareholders is to maximize their profits. There’s nothing wrong with that, in theory. They are in fact, quite...
Continue reading 'Pssst! Don’t tell anyone…Big Oil Makes Money!'.
- By Brendan Demelle, DeSmogBlog American Petroleum Institute President Jack Gerard today announced the oil and gas industry’s latest election-year scare campaign to threaten the demise of the U.S. economy unless Big Oil gets its every wish in Washington. This year the wish list includes approval of the Keystone XL pipeline, expanded offshore drilling on both...
Continue reading 'Big Oil Threatens President Obama'.
- $100 Billion. That’s what the big 5 oil companies have made in profits since January 1. $102.85 billion to be more precise, according to my own calculations (see table below). That means that they’re on course to top $140 billion for 2011. More if oil prices keep rising. And that’s in a year when unemployment...
Continue reading 'The Living Dead: will Big Oil’s record profits turn us all to zombies?'.
- Last Friday, oil giant Royal Dutch Shell, announced that it had doubled third quarter profits to $7.2 billion. So where is this cash coming from? Let’s not forget that Shell has spent millions over the last fifteen years trying to remould its image from a dirty oil company implicated in human rights abuses to a...
Continue reading 'Shell “Threatens” the EU with Long-Term Exit'.
- In a chilling preview of what life may be like if Rick Perry were to become president, a commission appointed by the Texan Governor is proposing handing Valero and other Texan refiners a tax refund worth $135 million. That would be bad enough but where will they find the money in these hard times? Around...
Continue reading 'A tax break for refiners paid for by school budget cuts: a taste of things to come?'.
- The oil industry watchdog PLATFORM has issued a report which exposes the extent to which the British oil giant BP has gained control over one of Iraq’s most lucrative oil fields, the super-giant Rumaila, near the Southern city of Basra. The report, “From Glass Box to Smoke Filled Room – How BP secretly renegotiated its...
Continue reading 'BP Accused of “Backroom Dealings” in Iraq'.
- The showdown on gas prices and subsidy removal will intensify this week in Washington, when senior oil and gas executives are hauled before Congress to explain record profits at a time when consumers are hurting at the pumps. Legislation is being worked on by Max Baucus, the Montana Democrat and chairman of the Senate finance...
Continue reading 'Subsidy Battle Hots Up'.
- Until Sunday night one of the main talks of the town in Washington was gas prices. Now the talk of the town is Bin Laden’s death. Oh and gas prices. Because the issue of high gas prices is not going away any time soon. A 36 per cent rise in the last year put pays...
Continue reading 'As Gas Prices Remain High, US Becomes Net Exporter of Fuel'.
- At the same time it appears that big oil and coal climate denial campaigns are successfully stifling climate action in Congress and the Obama Administration, a group of America’s top scientists stepped up to the plate on Tuesday and called on House and Senate leaders to “take a fresh look at climate change.” And none...
Continue reading 'Push Back Against the Climate Deniers and End Fossil Fuel Subsidies'.
- The showdown between Argentina and Britain over the Falklands is not the only row brewing on the international oil scene. A bitter battle is brewing between oil giants such as Shell and Chevron and the Nigerian government over proposed reforms of the oil and gas sector. The oil companies are threatening that up to $50...
Continue reading 'Oil companies threaten Nigeria over reforms'.
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