Ten months into 2010 and Big Oil has pumped in billions in profits. So far this year, top oil companies have made nearly $50 billion in profits.

Total SA made $3.2 in the third quarter; Shell: $3.5; Chevron: $3.8; Exxon: $7.4; and most telling of all, BP has emerged back into the black reporting a third quarter profit of $1.8 billion. This quick rebound from second quarter losses stemming from the Gulf of Mexico spill makes it clear that they are on their way to billions more in profit. All told, these significant profits continue to add on to a decade of raking in record breaking profits by the oil and gas industry. In 2009 alone, the above companies recorded $64.4 billion in profits.

For nearly a century, taxpayers have generously padded the pockets of Big Oil. Despite billions in profits every year, the industry continues to drill into taxpayer-funded subsidies – including tax breaks, and royalty giveaways. Unless the federal government ends the corporate welfare handouts, taxpayers will shell out an additional $31 billion in subsidies to Big Oil over the next five years. And that total is only from a few of the many generous handouts oil and gas companies receive, to the detriment of taxpayers!

With the dawning of the 112th Congress, it is imperative that Congress, whatever the makeup, stop the endless gravy train of taxpayer-funded subsidies to Big Oil. Our Green Scissors 2010 report identifies specific cuts to oil subsidies that will save taxpayers billions. With yearly deficits running into the trillions and a ballooning debt, the 112th Congress must come together to eliminate these subsidies and protect the taxpayer.