Judging by pump prices, drivers might think oil companies were rolling in profits that only move higher. Lately, though, the big boys in the global oil industry are finding that earning a buck isn’t as easy as it used to be. Royal Dutch Shell, for instance, just announced that fourth quarter earnings would fall woefully short of expectations. The Anglo-Dutch energy giant … [Read more...]
Big Oil: Obscene profits with subsidies on top
While the GOP House leadership seeks $60 billion in savings from programs including food-aid for pregnant women, public transportation and the EPA, Democrats say they can find most of that amount just from cutting oil subsidies. In his State of the Union address, President Obama proposed cutting nearly $40 billion worth of handouts to the oil and gas industry. All told, … [Read more...]