MENENDEZ ISSUES RELEASE CALLING ON SUBSIDY END TO BIG OIL

U.S. Senator Robert Menendez (D-NJ) joined House and Senate Democrats and leaders of conservation groups to call on the Joint Select Committee on Deficit Reduction – the Super Committee – to end subsidies for Big Oil as part of any proposal to reduce the nation’s deficit.

“This is not class warfare. This is common sense. We want the oil companies and their shareholders to do well, but we should not be spending 21-billion-taxpayer-dollars to unfairly reward their tremendous success,” said Menendez.  “We’re simply looking for a little fairness.  We’re here today to say that super-oil’s super subsidies should be targeted by the Super-Committee – and ended now.”

Big Oil’s 2011 Quarterly Profits

Company

Q1: 2011 Earnings (billions)

Q2: 2011 Earnings (billions)

Q3: 2011 Earnings (billions)

Total (billions)

ConocoPhillips

$3.00

$3.4

$2.6

$9.00

Exxon Mobil

$10.65

$10.68

$10.33

$31.66

Chevron Corp

$6.21

$7.73

$7.83

$21.77

Shell

$6.93

$8.0

$7.24

$22.17

BP

$5.48

$5.31

$5.14

$15.93

Total (billion):

$32.27

$35.12

$33.14

$100.53

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