Oil industry barely hangs on, thanks to brave Republican defense of subsidies
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.
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