Skip to main content

Sign up for our newsletter.

Quality journalism. Progressive values. Direct to your inbox.

For Immediate Release

Press Release

Exxon-Mobil Announces Mega-Profits as President Challenges Congress to End Big Oil Subsidies


This morning Exxon-Mobil (NYSE: XOM) announced $32.5 billion in annual profits for 2014. Even with crude prices down from record highs, the largest oil company in the U.S. still ranks among the most profitable companies in the world.

Within hours of this announcement, President Obama sent his FY2016 budget to Congress, proposing to end some of the biggest fossil fuel tax breaks on the books.

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

On the day Exxon-Mobil announces another year of mega-profits, the president has to remind Congress that Big Oil doesn’t need free money from taxpayers. If you still think the absurdly profitable companies driving the climate crisis need subsidies, you must be an oil lobbyist.

Exxon-Mobil’s giant profits, undeterred by the drop in crude, make one thing clear: it is past time for Congress to listen to the majority of Americans and end fossil fuel subsidies for good. Americans overwhelmingly enjoy the natural environment. It’s time the government stopped subsidizing its destruction.


Friends of the Earth fights for a more healthy and just world. Together we speak truth to power and expose those who endanger the health of people and the planet for corporate profit. We organize to build long-term political power and campaign to change the rules of our economic and political systems that create injustice and destroy nature.

'Policy of Death': Amazon Guardians Sue Ecuador's President Over Oil, Mining Decrees

"We are fighting to defend our territory, our rivers, our forest, our fish, and our animals," one Indigenous leader explained. "Without our forest and without water, we cannot live."

Brett Wilkins ·

'Just Cancel the Debt,' Advocates Say as Biden Admin Develops Strategy for Restarting Student Loan Payments

Student debt cancellation "is good economic policy that will change the lives of millions of families," said Rep. Ayanna Pressley.

Julia Conley ·

Green Public Spending a 'Win-Win Opportunity' for Climate and Workers, Global Study Shows

"It's really a no-brainer for the federal government to prioritize green investments to put our economy back on track," said one advocate. "It's good politics and good policy."

Kenny Stancil ·

After CIA Plot Revealed, Press Freedom Coalition Says DOJ Must Drop Assange Case

"A precedent created by prosecuting Assange could be used against publishers and journalists alike, chilling their work and undermining freedom of the press," said the groups.

Julia Conley ·

'Needlessly Provocative': Austin Rebuked for Again Opening NATO Door to Ukraine and Georgia

"The Biden administration now faces a stark choice: commit to fight for Ukraine, creating a serious risk of war with Russia, or admit that NATO expansion has come to an overdue end."

Brett Wilkins ·

Support our work.

We are independent, non-profit, advertising-free and 100% reader supported.

Subscribe to our newsletter.

Quality journalism. Progressive values.
Direct to your inbox.

Subscribe to our Newsletter.

Common Dreams, Inc. Founded 1997. Registered 501(c3) Non-Profit | Privacy Policy
Common Dreams Logo