Oil companies spend more on taxes than on oil supply development

... Over the last several the major oil companies have been driven away from investing money in future exploration and production. The so-called Supermajors, Exxon, BP, Shell, Chevron. Conoco, and Total have paid more in taxes than they have invested in the oil business. For the three year period, 2005 to 2007 these companies have paid $292 billion in taxes and invested $265 billion in capital projects... [snip]

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