It didn't seem to matter to them that the top 5 domestic oil companies have made 32 billion dollars in profit this year. That's in addition to the $130 billion dollars in profit from last year. The heads of the top 5 domestic oil companies testified under oath a few years ago that they do not want, need or ask for these tax breaks, but some of their pals in Congress want to continue with them anyway. http://www.petrostrategies.org/Links/biggest_us_oil_and_gas_companies.htm
There were 47 senators who voted to end the tax subsidies. They received $5,873,600 in campaign contributions from big oil. There were 51 senators who voted to continue with the tax subsidies. They received a whopping $23,582,500 in campaign contributions. Hmm, what does this tell us?
Here's the link to see how your senator voted:
The 5 top US oil companies control 56.3% of the domestic oil refinery capacity. A barrel of oil is 42 US gallons. It costs the oil companies $2 per barrel to get oil out of the ground in the traditional way (derrick.) It costs them $35 per barrell to get oil out of the ground where they have to go through deep water. So the price of oil that is above $45 per barrel is pure profit.
The current price of a US barrel of oil as of 2:31 am on 3/30/12 is $103.52.
You do the math!
