Bloated oil profits and corporate welfare: a trick to taxpayers, a treat to polluters
WASHINGTON, D.C. —This morning, ExxonMobil (NYSE: XOM) reported its third quarter earnings for 2014 — an eye-popping $8.07 billion. Yet, ExxonMobil paid an effective tax rate of only 10.2 percent on its U.S. income in 2013, and likely received a significant share of the $10.5 billion in federal tax breaks and other subsidies enjoyed by the oil and gas industries.
Friends of the Earth Climate and energy campaigner Lukas Ross issued the following statement in response:
Despite the recent drop in crude oil prices, ExxonMobil and other energy giants remain ridiculously profitable. Instead of throwing corporate welfare at polluters, it is time for Congress to take action and make the companies driving the climate crisis pay their fair share.
At a time when healthcare and renewable energy programs must struggle for funding, sending tax breaks to ultra-profitable companies like ExxonMobil is simply unconscionable.