Ethical Oil – Fueling the Obama Economy

29 May

Oil companies paid the most in taxes

… last year Exxon and Chevron ranked in the top two companies that paid the most in taxes. ConocoPhillips ranked sixth in terms of taxes paid, reports USA Today. In 2012, Exxon paid $31.05 billion, Chevron paid $20 billion, and ConocoPhillips paid $7.94 billion.

“The oil and gas industry gets no subsidies, zero, nothing,” said Jack Gerard, president and CEO of the American Petroleum Institute — the nation’s largest oil and gas lobby. “We get cost-recovery benefits, much like other industries. You can go down the road of allowing economic activity, generating hundreds of billions to the government, or you can take the alternative route by trying to extract new revenue from industry by increasing their cost to do business.”

Meanwhile…

In fact, the big three oil companies paid multiples more, in both total dollars and effective tax rates, than such administration favorites as Apple, Google and General Electric.

Daily Caller

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