Washington, D.C.–(ENEWSPF)–July 29, 2011. This week, while the debt ceiling fight remains unresolved and conservatives in Congress ask for more spending cuts without closing tax loopholes, the five Big Oil companies—ExxonMobil, BP, ConocoPhillips, Chevron, and Shell—posted massive second-quarter profits thanks in no small part to billions in unnecessary subsidies and record-high gas prices paid by American taxpayers. The column “Big Oil Pumps Up Profits with Americans’ Cash” and accompanying chart, released today by the Center for American Progress, shows that in addition to paying more than $4 billion in unnecessary tax subsidies for domestic oil drilling and production every year, Americans have been paying more than a third more at the pump than they were just a year ago.
