Friends of the Earth: Chevron Continues to Make a Killing on Crude

WASHINGTON, D.C. —(ENEWSPF)—January 30, 2015. Chevron (NYSE: CVX) announced their annual profits for 2014. Even with oil prices down from record highs, Chevron’s $19.2 billion in profits rank it among the most profitable companies in the world.

Meanwhile, it is likely that Chevron received a sizeable share of the at least $10 billion in federal tax breaks and other U.S. subsidies that the oil industry enjoyed last year.

Friends of the Earth Climate and energy campaigner Lukas Ross issued the following statement:

The price of crude may rise and fall, but giant oil companies are still seeing giant profits. Instead of throwing corporate welfare at polluters, it is time for Congress to end fossil fuel subsidies and make the companies driving the climate crisis pay their fair share. At a time when healthcare and renewable energy programs struggle for funding, granting tax breaks and other perks to ultra-profitable companies demonstrates a lack of foresight and failure of conscience.

Source: www.foe.org