Taxpayers footing bill to protect oil companies
May 25, 2004
WASHINGTON, May 25 (Summary of CBS News Article) - American taxpayers are paying for security at some of the wealthiest corporations in the world, according to a survey by CBS News. Major oil companies have received $65 million to buy cameras, fencing, and communications equipment. Citgo made a $439 million profit but took $19.4 million in government grants. ConocoPhillips earned $4.7 billion in profits but received nearly $10.8 million. ChevronTexaco earned $7.2 billion but received $7.3 million in government handouts. Danielle Brian, the executive director of the Project On Government Oversight, said the oil industry can afford to pay for their own security. She cited the Bush administration's close ties to big oil as the reason for the government handouts. "They need to step up, in my judgment, with their own money," said Homeland Security Secretary Tom Ridge, but "as long as the funds are available for the private sector they will apply."