Big oil benefiting from $14 billion in taxpayer handoutsdespite making record profits

Friends of the Earth argues that major oil companies are receiving billions in taxpayer-funded subsidies and tax cuts despite reporting record profits, which the organization claims hinders the transition to renewable energy and conservation.

• Major oil companies, including ExxonMobil, Royal Dutch Shell, BP, ConocoPhillips, and Chevron Texaco, have reported record profits, with ExxonMobil specifically reporting a $9.9 billion quarterly profit, representing a 75 percent increase.
• Oil companies received over $4 billion in spending subsidies and tax incentives through the Energy Policy Act of 2005, in addition to $10 billion in tax cuts authorized before the bill's passage.
• The provision of billions in tax benefits to oil corporations is argued to distort the market and divert focus and resources away from renewable energy, conservation, and efficiency.

APA

Zdeb, S. (2008). Big oil benefiting from $14 billion in taxpayer handoutsdespite making record profits. Friends of the Earth. https://foe.org/news/2008-11-big-oil-benefiting-from-14-billion-in-taxpayer-hando/

Chicago

Zdeb, Sara. Big oil benefiting from $14 billion in taxpayer handoutsdespite making record profits. Friends of the Earth, 2008. https://foe.org/news/2008-11-big-oil-benefiting-from-14-billion-in-taxpayer-hando/.

Wikipedia

{{cite press release |last1=Zdeb |first1=Sara |title=Big oil benefiting from $14 billion in taxpayer handoutsdespite making record profits |publisher=Friends of the Earth |date=3 November 2008 |url=https://foe.org/news/2008-11-big-oil-benefiting-from-14-billion-in-taxpayer-hando/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@misc{zdeb2008big, author = {Zdeb, Sara}, title = {{Big oil benefiting from \$14 billion in taxpayer handoutsdespite making record profits}}, publisher = {Friends of the Earth}, year = {2008}, month = nov, url = {https://foe.org/news/2008-11-big-oil-benefiting-from-14-billion-in-taxpayer-hando/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }