Exxon-Mobil announces mega-profits as president challenges Congress to end Big Oil subsidies
WASHINGTON, D.C. — This morning Exxon-Mobil (NYSE: XOM) announced $32.5 billion in annual profits for 2014. Even with crude prices down from record highs, the largest oil company in the U.S. still ranks among the most profitable companies in the world.
Within hours of this announcement, President Obama sent his FY2016 budget to Congress, proposing to end some of the biggest fossil fuel tax breaks on the books.
Friends of the Earth Climate and energy campaigner Lukas Ross issued the following statement in response:
On the day Exxon-Mobil announces another year of mega-profits, the president has to remind Congress that Big Oil doesn’t need free money from taxpayers. If you still think the absurdly profitable companies driving the climate crisis need subsidies, you must be an oil lobbyist.
Exxon-Mobil’s giant profits, undeterred by the drop in crude, make one thing clear: it is past time for Congress to listen to the majority of Americans and end fossil fuel subsidies for good. Americans overwhelmingly enjoy the natural environment. It’s time the government stopped subsidizing its destruction.