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- The President’s budget makes critical clean-energy investments « Climate Progress: "The proposed budget would also eliminate taxpayer subsidies for big oil companies. The big five oil companies—BP, Chevron, Conoco Phillips, ExxonMobil, and Shell—made profits totaling $656 billion during the eight years of the Bush administration. In 2009, they made an additional $67 billion in profits (with Shell fourth-quarter profits projected). The last thing these companies need is billions of dollars of taxpayer-funded loopholes The proposed budget would eliminate tax loopholes that would cost $36.5 billion from 2011 to 2020. This is nearly half of what the big five oil companies made in profits in 2009 alone. In 2005, President Bush opposed tax breaks for big oil companies, noting that, “with $55 oil we don’t need incentives to oil and gas companies to explore.”"
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