Big Oil Windfalls

Facing South is a weekly source for in-depth coverage and fresh perspectives on the South, published by the Institute for Southern Studies. Visit here to join or donate; please go here if you’d like to unsubscri INSTITUTE INDEX – Big Oil’s windfallsAmount by which BP plans to reduce its 2010 tax bill by writing off losses from the Gulf of Mexico oil disaster: almost $13 billion Amount BP originally anticipated writing off for the disaster: $9.9 billion Amount BP claimed in losses due to the spill: nearly $41 billion Percent of losses that U.S. law allows corporations to claim on their taxes: up to 35 percent Amount BP paid in federal income tax to the U.S. government in 2010: $0 Tax breaks currently enjoyed by the U.S. oil industry: $4 billion Amount that the repeal of eight key oil and gas tax breaks would boost federal revenues over the next five years: $23 billion Profits reported last year by Exxon Mobil: $30 billion Increase that represents over the previous year: 59% Exxon’s domestic federal tax rate last year: 16% Gain in BP’s profits for the first quarter of 2011: 17% Its earnings for the quarter: $7.1 billion Increase in Conoco Phillips profits in the first quarter of 2011: 44% Year in which President Ford called for a windfall profits tax to ensure oil producers don’t “profit unduly” from decontrolling the price of domestic crude: 1975 Year in which Congress enacted such a tax: 1980 Number of years it remained in force before being repealed by Congress: 8 (Click on figure to go to source.)