BIG OIL CUTS 11,200 JOBS, POCKETS BILLIONS IN PROFITS
A recent report by the Democratic staff of the Natural Resources Committee questions whether oil and gas companies are dedicated to American job creation. The report finds that, “Despite generating $546 billion in profits between 2005 and 2010, ExxonMobil, Chevron, Shell, and BP combined to reduce their U.S. workforce by 11,200 employees over that time.”
In addition, the reports reveal the following;
- Just in 2010 alone, the top five oil companies (the above four, plus ConocoPhillips) reduced their global workforce by a combined 4,400 employees, while making a combined $73 billion in profits.
- Even with these job losses, the top five companies paid their senior executives a total of nearly $220 million in 2010.
- Taxpayers will hand out nearly $100 billion in tax breaks and loopholes to oil and gas companies in the coming decades.
Not only are oil and gas companies hitting us with high prices at the pump and beyond, but they also are cutting jobs. Why not invest in a green energy? Investment in green energy creates jobs and puts us on a path to lower transportation costs, and reduces the various hidden costs of burning oil (climate change, resource wars, pollution, oil spills, etc.)