Shell and Exxon Earn $160,000 a Minute, Yet Still Receive $2.4 Billion Tax Break

Shell and Exxon Earn $160,000 a Minute, Yet Still Receive $2.4 Billion Tax Break

by cp@oilprice.com (Climate Progress)

The top two corporations on the Fortune 500 Global ranking, Royal Dutch Shell and ExxonMobil, announced their 2012 second-quarter earnings last week, bringing the total profits for three Big Oil companies to $44 billion for 2012 or $250 million every day this year. Exxon profited by $16 billion this quarter, bringing its earnings for 2012 to $25 billion.The New York Times wrote that Exxon and Shell’s earnings “disappoint,” because energy prices unexpectedly dropped for consumers this summer. Put their profits in the appropriate…Read more...