Big Oil's First-Quarter Profits

Big Oil’s first-quarter profits jumped 45% to nearly $36 billion At a time when our gas prices are through the roof and disasters on multiple continents, oil companies are rolling in the dough. They are bringing in record profits (not to mention the record bonuses handed out by Wall Street for 2010).

The class warfare is becoming more and more apparent as the days and months go buy. While they are back to making money at pre-2008 and pre-Gulf oil spill levels, we are having to jump through hoops to get buy a house or hold onto a house that is under water or heaven for bid going into foreclosure.

Here are oil company profits for the first quarter of 2011; also, American companies previous profits and tax breaks:

Exxon Mobil Corp:

2011 profits swelled by 69% to $10.7 billion.
2009 profits of $19; paid $0.00 in federal income tax and received a $156 million IRS rebate.

Royal Dutch Shell:  

2011 profits jumped 60% to $8.8 billion.

BP: 

2011 net income rose 17% to $7.1 billion.

Chevron Corp: 

2011 earnings jumped 36% to $6.2 billion.
2009 profits of $10 billion; $19 million refund last year.

ConocoPhillips: 
2011 first-quarter profits widened by 44% to $3 billion.
2007 to 2009 profits of $16 billion; received $451 million in tax breaks

This should be unacceptable, infuriating to all of us. I truly hope we can keep up this anger that we have seen over the past few months since the 2010 election and change the trajectory our country is heading.

Boehner Won't End Oil Subsidies

There are Democrats who are wanting to end billions in subsidies to oil companies. Since they have posted record profits and are considered the most profitable industry on earth, it would sound like a great idea to fix our budget problems, however, Boehner does not want to end these subsidies.

Instead he wants to drill for oil and increase production. This makes no sense because any oil we drill for would automatically go on the world market.

The only benefit it would have is to create jobs and increase the chance of another oil spill. Steve Hargreaves wrote:

The problem is this: While increased oil and gas drilling in the United States may create good-paying jobs, reduce reliance on foreign oil and lower the trade deficit, it will have hardly any impact on gas and oil prices. That's because the amount of extra oil that could be produced from more drilling in this country is tiny compared to what the world consumes. Plus, any extra oil the country did produce would likely be quickly offset by a cut in OPEC production.

"This drill drill drill thing is tired," said Tom Kloza, chief oil analyst at the Oil Price Information Service, which calculates gas prices for the motorist organization AAA. "It's a simplistic way of looking for a solution that doesn't exist."

Since the oil companies are listed as the top 6 richest industries in the world, I think they should pay more, but since they own our representatives, particularly Republicans, it is very unlikely they will end these subsidies unless we force them to. 

Show Me Your Papers-Racism in America

In case you missed it on Maddow last night, this is a short video by Goldie Taylor that I think we all should watch. 

The Billionaire/Corporate-Funded Republicans

It was found out back in September 2010, per FEC filings, Karl Rove's American Crossroads was funded virtually all by billionaires, which they turned around and spent on attack ads against Democrats. In August 2010 they raised $2,639,052 and $2.4 million (91%) came from three billionaires.

Trevor Rees-Jones, president of Dallas-based Chief Oil and Gas, Robert Rowling, CEO of the company TRT Holdings, and Carl Linder who owns American Financial Group. Jerry Perenchio of Bel Air. He's worth $2.1 billion, which was made off the sale of TV station Univision. He was co-chair of John McCain's national finance committee.

The partner of American Crossroads, American Crossroads GPS, who because of the way they are organized, do not have to disclose donors. They told Politico that they are raising millions of dollars but we will probably never know from who. Now that SCOTUS ruled in favor of corporations in their decision in the Citizen's United case, the issue of secret donors will be exacerbated.

The power of corporations in our country is astounding. We are quickly losing control of our own government and it is being taken over by corporations. Our representatives are being bought and paid for by these billionaires and corporations. The Tea Party supporters and the lower/middle class Republicans need to get a clue and realize this before it is too late.

If the billionaire-funded GOP have their way, we will be living in a country where corporations can do business with as little regulation as possible and events like the Gulf Oil Spill and the 2008 Wall Street meltdown will become common occurences.

We don't need to look any further than China and India. They have some of the most polluted cities on the earth, and this is because corporations can operate in a regulation-free environment. They can conduct business without any regulations to protect their workers and provide safe working environment or provide living wage salaries.