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That is how taxes work – the more you make, the more you pay in taxes. According to data from the Energy Information Administration, between 2005 and 2009, the five most recent years for which data are available, major oil and gas companies made over half a trillion dollars in profit.8
The Big Five alone – BP, ConocoPhillips, Chevron, Exxon Mobil, and Shell – made $78 billion and $137 billion in profits in 2010 and 2011, respectively.9
Furthermore, how much the oil and gas companies pay in taxes in no way justifies the continued existence of unnecessary subsidies.
Actually, the very fact that companies pay so much in taxes shows just how profitable the industry is and, consequently, how little it needs subsidies.
And, as discussed below, actual domestic income tax rates paid by U.S. oil and gas corporations are far lower than commonly stated.
The Big Five alone – BP, ConocoPhillips, Chevron, Exxon Mobil, and Shell – made $78 billion and $137 billion in profits in 2010 and 2011, respectively.9
Furthermore, how much the oil and gas companies pay in taxes in no way justifies the continued existence of unnecessary subsidies.
Actually, the very fact that companies pay so much in taxes shows just how profitable the industry is and, consequently, how little it needs subsidies.
And, as discussed below, actual domestic income tax rates paid by U.S. oil and gas corporations are far lower than commonly stated.
Oil & Gas Subsidies: Myth vs. Fact
MYTH: Eliminating subsidies to the oil and gas industry will raise gas prices. FACT: Variations in gas prices are driven by the world market, and are not dependent on U.S. government policies. This includes the existing subsidies for the oil and gas industry according to multiple studies that...
usa.oceana.org