$1 Trillion in Profits and Still at the Trough: Oil and Gas in the 21st Century, February 3, 2011. House Committee on Natural Resources, Democratic Staff.
U.S. gasoline prices have increased 44 cents per gallon in the last year to an average price of $3.10 per gallon, with some parts of the country paying much more. The Energy Information Administration projects regular-grade gasoline to rise further to an average price of $3.17 per gallon this year and $3.29 per gallon in 2012.1 At these prices, Americans will pay an additional $67 billion for gasoline this year, or $262 per driver. Economy-wide gasoline expenditures will top $541 billion for the year. These figures could rise dramatically if instability in Egypt leads to a disruption in trade flows through the Suez Canal or if any other events in this volatile region threaten the supply and flow of oil. Meanwhile, high oil prices gave a huge boost to the Big 5 oil companies, ExxonMobil, Chevron, ConocoPhillips, BP, and Shell. A Natural Resources Democratic staff review of recent earnings announcements by the five largest oil companies operating in the United States shows that this industry has generated outsized profits that undermine the necessity for continued tax subsidies and royalty-free drilling access.”
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