Washington, D.C.–(ENEWSPF)–February 7, 2012. Today BP posted net earnings of $23.9 billion, bringing the total profits for the five largest oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell—to a record-high $137 billion in profits in 2011. Despite their increased profit margins—up 75 percent from 2010—the Center for American Progress column released today, “Big Oil’s Banner Year,” found that they maintain their taxpayer subsidies while yielding lower oil production than in 2010 and raising prices for consumers at the pump.
