The oil industry's superprofits in 2011

ANG BAYAN
21 February 2012

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The relentless hikes in the prices of crude and refined oil have benefited none other than the big capitalists monopolizing the international oil industry and their big finance capitalist co-conspirators.

The five biggest oil companies earned combined profits of $136.8 billion in 2011, almost equivalent to 60% of what the Philippine economy is worth. This means that the monopoly capitalists raked in close to $16 million in profits per hour. Aside from British Petroleum, the three biggest oil companies pocketed 32% more in profits compared to the previous year.

Companies Profits (in billion dollars)
Exxon Mobil 41.1
Royal Dutch Shell 28.6
Chevron-Texaco 26.9
British Petroleum 23.9
Total Petroleum 16.3
Total 136.8