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Big Oil Sheds 11, 200 U.S. Jobs While Reaping Massive Profits, Taxpayer Handouts

09 Sep 2011  |   Emma Brown

Tags: General Political

Despite continuing to receive taxpayer handouts and raking in over $546 billion in profits Big Oil giants Exxon, BP, Chevron, and Shell dropped 11,200 workers from their payrolls between 2005 – 2010, a report commissioned by House Natural Resources staff found.  

In 2010 alone, despite reporting $73 billion in combined profits, the Big Oil collectively shed over 4,400 jobs. Altogether, the top five oil companies paid their senior executives nearly $220 million in the same year.

"Americans are seeing a huge cut of their paycheck go to pay for gas, a little more then goes to fund tax cuts for the same oil companies selling the gas, and then the oil companies take this money and cut American jobs," said Rep. Ed Markey (D-Mass.), the Ranking Member of the Natural Resources Committee. "Oil companies that make record profits and then cut American jobs strain their own credibility when they claim to be huge job-creators."

Big Oil will receive over $100 billion in taxpayer handouts in the coming decade.  

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