Bloated Oil Profits and Corporate Welfare: a Trick to Taxpayers, a Treat to Polluters

WASHINGTON, D.C. —(ENEWSPF)—October 31, 2014. 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…