ThinkProgress posted an article discussing the Exxon Mobil‘s place on the Fortune 500 list showing an immense $30 billion in income. This was followed by Chevron at $20 billion and ConocoPhillips at almost $12 billion. Yeah, and tell me that isn’t because of the salty oil prices.
On May 28th, the House Republicans (and a few Democrats) rejected an effort by numerous Democrats to use a procedural maneuver to force a vote on a bill to repeal a key oil industry tax break. By treating oil drilling at “domestic manufacturing” they would have essentially terminated $1.8 billion in annual subsidies, that might of helped that nasty old budget. They’re making up to $30 billion in income, they don’t need tax cuts.
So the question then becomes, what was the Republican‘s (and those seven Democrats) motivation behind blocking this bill? Were they getting kickbacks from the oil giants to keep the tax breaks in place? Were they delusionally thinking that somehow they were preserving capitalism and the free market by blocking this bill? I’m sure it was the former. Yeah, those Republicans sure are looking out for their voter’s best interests. I’m surprised they’re behaving this way considering what gas prices are like these days. As we see those gas prices jump higher and higher, while Republicans are in control, whom do they think will receive the blame, I’m sure they’ll attempt to pass it off on Democrats somehow.
Gotta love it.
- Progress Report:Economy -The Showdown Over Big Oil (ynative77.wordpress.com)
- Corporations That Got Massive Tax Breaks Spent Millions In 2010 Elections (huffingtonpost.com)
- Chevron profit rises 36 percent on high oil prices (seattlepi.com)
- William S. Becker: The Oil War at Home (huffingtonpost.com)