American taxpayers will pick up the tab for oil companies doing business with Bakken oil. In a recent congressional bill, we will pay for tank car safety research. We will pay for retrofitting old cars to new safety standards. We will pay for upgrading of railroad grade crossings. We will pay for hiring and training of new safety inspectors to watchdog these rolling time bombs.
While we pay through the nose, the 37 companies pumping Bakken oil are making mind-boggling profits. From the beginning of the Bakken oil boom, 2013, ConocoPhillips made $9.2 billion in profits. Exxon- Mobil made $32.6 billion in profits.
That’s only two of the 37 active companies. As the production increases, these companies will profit beyond our capacity to understand the numbers. If their profits were the only issue, that would not be so condemning of the activity. These companies and the five largest of Big Oil companies get tax breaks annually of $2.4 billion. Can we even visualize that amount of money?
With all their profit and tax breaks, the oil industry will not shoulder their responsibility for safe handling of their own product. Car manufacturers, food processors, private property owners must take the responsibility for the safety of using or owning that asset. Can we in Washington rely on these same companies to keep our environment, homes and lives safe?
