Oil companies do indeed make billions of dollars.
A recent TV ad by Majority Action attacks U.S. Sen. Elizabeth Dole for receiving contributions from the oil industry, which notes that "big oil companies are making billions at our expense."
As part of our usual fact-checking duties here at the Dome, we checked the numbers mentioned in the ad, and they are mostly accurate.
For comparison's sake, the companies and their previous earnings are below, based on information from the U.S. Securities and Exchange Commission.
Chevron
2004: $13.3 billion
2005: $14.1 billion
2006: $17.1 billion
2007: $18.7 billion
BP
2004: $15.7 billion
2005: $19.6 billion
2006: $21.1 billion
2007: $21.2 billion
ExxonMobil
2004: $25.3 billion
2005: $36.1 billion
2006: $39.5 billion
2007: $40.6 billion
Note that the 2007 earnings we found are slightly higher for BP than the $20.8 billion cited by Majority Action. The ad cites a Feb. 6 article in the Charleston Post-Courier that we could not locate, although a report in the Houston Chronicle cites a similar number.
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Re: This just in: Oil companies make money
It is funny that you point out the oil company profits.
Why not attack Wal-mart or target for they make a much higher percentage of profit per gross margins.
What kind of money are the teacher and other unions spending in national and local races forcing their agendas on the American people?