You may recall that a couple of months ago, Republicans in the Senate threatened a filibuster to defend about $13 billion in oil company subsidies.
In other news, Exxon Mobil just posted the largest annual profit by a U.S. company in history — $40.6 billion. It also set a record for the largest ever quarterly profit — $11.7 billion.
The second biggest U.S. oil company, Chevron, saw its profits rise 29% to $4.88 billion for the quarter.
Clearly, this is an industry that desperately needs government help. Renewables are just going to have to wait until oil gets through this crisis.
Get Grist in your inbox