The Big Six US Oil Corps registered a monstrous Total Pretax Earnings growth of 57% in annual 2010 over 2009.
Then on a slightly positive front to all US citizens and to all US companies other than Big Oil, this nosebleed Big Oil earnings growth decelerated a bit to 47% in the 1Q 2011, and further to 44% in the 2Q 2011.
So what happens in the most recent 3Q 2011?
Well, believe it or not, this incredibly outsized Big Oil earnings growth reaccelerated back up to 57% in the 3Q 2011, precisely matching the earnings growth in annual 2010.
Just about all US citizens, the 99%ers, have to be just furious with this, especially the unemployed seeking any job, the underemployed seeking a better job at a livable wage, and the full-time employed just trying to make ends meet.
And small US businesses have to also be furious, with the resultant cost pressure.
This isn’t right, and the Occupying Movement knows this. It wouldn’t surprise me if you see them start Occupying the Congressional Offices of many whole-hearted Congressional supporters of US Big Oil, or perhaps even Occupying many places located close to actual Big Oil Corporate offices and branches all around the country.
US Big Financial Corps have really hurt the US economy and US citizens. But frankly, I think US Big Oil Corps have been much more of a driver of continuing US unemployment and underemployment than have even US Big Financial Corps.
Below here are these 3Q 2011 Pretax Earnings (PTI), along with a comparison to the prior year’s 3Q 2010 amounts. I’ve included Royal Dutch Shell and BP, since they have such substantial US operations.
............................................PTI..........PTI...........................
............................................3Q............3Q..........Increase....
..........................................2011........2010.....Amount....%..
............................................(millions of dollars)
Big Oil 6 That Rule
Exxon Mobil....................18,680.....12,858......5,822....45%
Chevron..........................13,340.......6,873......6,467....94%
Royal Dutch Shell............12,538.......5,385......7,153...133%
BP(1)................................7,560.......7,247.........313......4%
ConocoPhillips(2).............5,180.......3,876......1,304....34%
Occidental Petroleum.......2,862.......2,025.........837....41%
Total all 6.......................60,160.....38,264.....21,896....57%
(1) BP PTI excludes Non-operating Items, primarily the Gulf Oil Spill Response Charges.
(2) ConocoPhillips 2010 PTI excludes large Gains on Asset Dispositions.
In the past decade, there has been a massive transfer of wealth from the 99%ers to 1% Big Oil and to all 1% beneficiaries of Big Oil. In all fairness, it is time for a massive reversal of this wealth away from 1% Big Oil back to the 99%ers, where it belongs. This is one of the many injustices that the historic Occupying Movement is all about correcting.
