Big Oil's money gusher 2011
7:27 AM
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ExxonMobil's first-quarter earnings of $10.7 billion are up 69 percent from last year. Other oil companies are also scoring record gains. The five biggest oil companies together report more than $35 billion in profits.This gusher is an embarrassment for an industry seeking to keep its $4 billion annual tax subsidy from the U.S. government. It's especially embarrassing at a time when Americans are paying $4 a gallon or more at the pump. An ExxonMobil vice president asks that we look past the "inevitable headlines" and remember the company's investments in renewable energy.
What investments, exactly? Last time I looked, ExxonMobil was devoting a smaller percentage of its earnings to renewables than most other oil companies, including the errant BP. In point of fact, no oil company is investing much in renewables - precisely because they've got such a money gusher going from oil.
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