ConocoPhillips Q2 numbers continue record oil company profits since passage of Republican energy bill in 2005
WASHINGTON, D.C. –– Oil company ConocoPhillips reported today that its second-quarter earnings have increased dramatically since last year.
This continues a trend of increasing oil company profits since the passage of the Republican energy bill in 2005 that provided billions of dollars in subsidies to the oil companies and unprecedented access to federal lands and waters, according to Erich Pica of Friends of the Earth Action.
“The ConocoPhillips profits announced today should come as a surprise to no one,” Pica said. “Big Oil has bought off the politicians in Washington. Ever since the passage of the Republican energy bill in 2005—with billions in corporate welfare for Big Oil—oil industry profits have increased. It’s no wonder they say G.O.P. stands for Grand Oil Party . ”
A chart showing how oil industry profits have increased since 2005 is available here.
Nick Berning, 202-222-0748