BY TAYLOR MARSH
…and why shouldn’t they?
McCain’s energy plan gets positive reception: Most oil execs respond favorably
as he touts policy and raises funds in campaign trip here. “The oil industry
generally approved Tuesday as Republican presidential candidate John McCain
charted his policies on energy with a speech in Houston that jabbed the Bush
administration, Democratic foe Barack Obama, Wall Street and oil-rich foreign
The Benefit for Large Oil Companies
The McCain plan would deliver approximately $170 billion a year in tax cuts
to corporations, including some corporations that are very large and profitable.
Just one of the proposalsÃ¢â‚¬”cutting the corporate rate from 35 percent
to 25 percentÃ¢â‚¬”would cut taxes for five largest U.S. oil companies by
$3.8 billion a year (see table below). The five corporations analyzedÃ¢â‚¬”ExxonMobil,
Chevron, ConocoPhillips, Valero Energy, and MarathonÃ¢â‚¬”are the five largest
oil companies as ranked by Fortune Magazine. All are members of the Fortune
50.4 Together, they earned $80 billion worldwide in 2007.