CAP en Español
Small CAP Banner

Idea of the Day: Big Oil Is Profiting Even During Sequestration

    PRINT:
  • print icon
  • SHARE:
  • Facebook icon
  • Twitter icon
  • Share on Google+
  • Email icon
idea light bulb

Middle-class families have gotten some relief at the pump this spring due to declining gasoline prices. AAA reported that U.S. drivers paid an average of $3.55 per gallon of gasoline in April, the least expensive average for this month since 2010. Gasoline prices are now almost 35 cents lower than they were one year ago, when gasoline cost an average of $3.89 per gallon.

Despite lower prices at the pump, the biggest publicly traded oil companies in the world have raked in billions of dollars in profit over the past three months. According to their earnings reports released last week, the big five oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Shell—earned a combined $30.2 billion during the first quarter of 2013, or $331 million per day. Cumulatively, Big Oil profits were 6 percent lower than the first quarter of 2012 due to lower gasoline and oil prices, but these companies still earned a combined $229,832  every minute from January through March. This is more than what 95 percent of American households earn in an entire year.

For more on this topic, please see:

 

To speak with our experts on this topic, please contact:

Print: Liz Bartolomeo (poverty, health care)
202.481.8151 or lbartolomeo@americanprogress.org

Print: Tom Caiazza (foreign policy, energy and environment, LGBT issues, gun-violence prevention)
202.481.7141 or tcaiazza@americanprogress.org

Print: Allison Preiss (economy, education)
202.478.6331 or apreiss@americanprogress.org

Print: Tanya Arditi (immigration, Progress 2050, race issues, demographics, criminal justice)
202.741.6258 or tarditi@americanprogress.org

Print: Chelsea Kiene (women's issues, Talk Poverty, faith)
202.478.5328 or ckiene@americanprogress.org

Print: Elise Shulman (oceans)
202.796.9705 or eshulman@americanprogress.org

Print: Katie Murphy (Legal Progress)
202.495.3682 or kmurphy@americanprogress.org

Spanish-language and ethnic media: Jennifer Molina
202.796.9706 or jmolina@americanprogress.org

TV: Rachel Rosen
202.483.2675 or rrosen@americanprogress.org

Radio: Chelsea Kiene
202.478.5328 or ckiene@americanprogress.org

 

This is part of a regular column: Idea of the Day

For more from the same column, click here