For Immediate Release
Bloated Oil Profits and Corporate Welfare: A Trick to Taxpayers, a Treat to Polluters
WASHINGTON - 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 following statement in response:
Despite the recent drop in crude oil prices, ExxonMobil and other energy giants remain ridiculously profitable. Instead of throwing corporate welfare at polluters, it is time for Congress to take action and make the companies driving the climate crisis pay their fair share.
At a time when healthcare and renewable energy programs must struggle for funding, sending tax breaks to ultra-profitable companies like ExxonMobil is simply unconscionable.
FRIENDS: Now More Than Ever
Independent journalism has become the last firewall against government and corporate lies. Yet, with frightening regularity, independent media sources are losing funding, closing down or being blacked out by Google and Facebook. Never before has independent media been more endangered. If you believe in Common Dreams, if you believe in people-powered independent media, please support us now and help us fight—with truths—against the lies that would smother our democracy. Please help keep Common Dreams alive and growing. Thank you. -- Craig Brown, Co-founder
Friends of the Earth is the U.S. voice of the world's largest grassroots environmental network, with member groups in 77 countries. Since 1969, Friends of the Earth has fought to create a more healthy, just world.