CounterPunch.org | Grand Theft Big OIL by Sidney Plotkin - Bill Scheuerman
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The article “Grand Theft Big OIL” argues that while Americans face soaring gasoline prices, oil companies are profiting enormously through government subsidies, tax breaks, and lax regulations—especially under the Trump administration. It cites data showing the world’s biggest oil firms earning roughly $30 million per hour since Trump’s war with Iran, and highlights that U.S. oil and gas producers received over $46 billion in public assistance from 2005‑2015 and continue to benefit from billions in annual subsidies. The piece details how Trump’s policies—including a $70 billion tax subsidy package, billions in guaranteed loans, corporate tax avoidance, and the rollback of 23 environmental rules—have further enriched the industry while shifting the fiscal burden onto taxpayers and compromising public health and climate goals. It concludes that despite occasional political criticism, Big Oil’s political power and the administration’s support ensure continued profit for the industry at the expense of ordinary citizens and the planet.
Read more: https://www.counterpunch.org/2026/05/21/grand-theft-big-oil/
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