Cry me an oil well
August 11, 2012
As the second quarter of 2012 came to a close, I saw a great number of dour statements from oil companies and industry executives fretting about the tough financial straits in which they find themselves. This seems extraordinarily out of place for two reasons.
First, these companies are still making from $1 billion to $2.5 billion in profits during this so-called “rough quarter.” These profits are thanks to the relaxed regulatory and tax environment of the U.S. and state of Colorado.
The second is that there are vast numbers of people and companies that are suffering enormously under the effects of the recession. Why must I hear about the precipitous drop in oil industry profits from astronomical to merely staggering in light of the struggles of the rest of our economy? What’s worse is that Rep. Scott Tipton has voted to grant government subsidies to these big companies! They don’t need the government’s help – why must the people suffering most from the recession pay extra (in the form of tax breaks and subsidies) to help giant corporations? It just doesn’t make sense.
In the meantime, our public lands and working class people suffer the consequences.
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