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Big Oil and the Trillion-Dollar War Bonus

Greg Palast 

excerpted from, “Armed Madhouse” (Penguin 2006)

It has been a very good war for Big Oil — courtesy of OPEC price hikes. The five oil giants saw profits rise from $34 billion in 2002 to $81 billion in 2004, year two of Iraq’s “transition to democracy.”

But this tsunami of black ink was nothing compared to the wave of $113 billion in profits to come in 2005: $13.6 billion for Conoco, $14.1 billion for Chevron and the Mother of All Earnings, Exxon’s $36.1 billion. …more