A new report from the Division of Trade and Consumer Protection at the Department of Agriculture, Trade and Consumer Protection (DATCP) shows the profits of the five largest oil companies far exceeded profits of other major industries – from pharmaceuticals to agriculture to retail.
Last week Exxon Mobil reported the largest annual profit in history worth $40 billion. In fiscal year 2006 British Petroleum, Chevron, Royal Dutch Shell, ConocoPhillips, and Exxon Mobil earned a combined $113.3 billion in profits.
These excessive profits equate to over $17 for every man, woman and child in the world or $376 for every person in the United States, according to the DATCP report.
Governor Doyle issued the following statement:
“As Governor I fight hard to grow the economy so businesses are earning healthy profits and creating good jobs, but the big five oil companies have gone way too far. These record-setting profits far exceed those of other important industries – from agriculture to pharmaceuticals. This greed is unreasonable, and the American people deserve relief.
“Families across Wisconsin and across the country are being forced to pad the pockets of big oil executives, getting nothing in return.
“Time and time again I have urged the federal government to repeal the big tax breaks given to big oil and return that money for the good of the American people. I believe Wisconsin families deserve a refund for what we have overpaid and I want to see a proposal that does just that.”
In addition to the repeal of $10 billion in tax breaks, Governor Doyle has called on Congress to cap oil company profits and to force the oil companies to provide a refund to the American people from the windfall they have reaped since Hurricane Katrina. He has also signed a “Declaration of Energy Independence” making it Wisconsin’s goal to get 25 percent of its energy and transportation fuels from renewable sources by 2025. The Governor has outlined a bold strategy for meeting that goal, including investments in renewable energy, moving four UW campuses off-the-grid, and a Governor’s Office of Energy Independence.
To view a copy of the report, go to: http://www.datcp.state.wi.us/cp/consumerinfo/cp/oilreport/index.jsp