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OIL | Shell Has Biggest Quarter Ever, McCain Wants To Give Big Oil $4 Billion Worth of Corporate Welfare

Exxon Mobile broke the record, but Shell still made a killing:

Royal Dutch Shell PLC reported a 33 percent jump in second-quarter profits Thursday, its biggest quarter ever at $11.6 billion thanks to high oil prices and the weak dollar.

Shell said its selling price per barrel of oil was around $112, up from $64 a year earlier. That pushed earnings at its main exploration and production arm up 90 percent to $5.88 billion, despite a 1.1 percent fall in production to 3.05 million barrels of oil and equivalents per day.

If the price of a barrel of oil doubled, should that have cut the profit in half, not doubled them?

Oh, and McCain continues to offer only tax breaks for Big Oil and "short-term gimmicks" to consumers struggling with soaring gasoline prices. McCain's corporate tax plan would give "$4 billion each year to the oil companies, including $1.2 billion for Exxon Mobil alone" and a gas tax holiday that Obama said would only "pad oil company profits and save you — at best — half a tank of gas" over an entire summer..............

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