INSTITUTE INDEX: Big Oil's windfalls

The Washington budget debate has brought new attention to the tax breaks and other benefits given to big energy companies in the U.S. In this week's index, a quick look at Big Oil's big windfalls.

Amount by which BP plans to reduce its 2010 tax bill by writing off losses from the Gulf of Mexico oil disaster: almost $13 billion

Amount BP originally anticipated writing off for the disaster: $9.9 billion

Amount BP claimed in losses due to the spill: nearly $41 billion

Percent of losses that U.S. law allows corporations to claim on their taxes: up to 35 percent

Amount BP paid in federal income tax to the U.S. government in 2010: $0

Tax breaks currently enjoyed by the U.S. oil industry: $4 billion

Amount that the repeal of eight key oil and gas tax breaks would boost federal revenues over the next five years: $23 billion

Profits reported last year by Exxon Mobil: $30 billion

Increase that represents over the previous year: 59%

Exxon's domestic federal tax rate last year: 16%

Gain in BP's profits for the first quarter of 2011: 17%

Its earnings for the quarter: $7.1 billion

Increase in Conoco Phillips profits in the first quarter of 2011: 44%

Year in which President Ford called for a windfall profits tax to ensure oil producers don't "profit unduly" from decontrolling the price of domestic crude: 1975

Year in which Congress enacted such a tax: 1980

Number of years it remained in force before being repealed by Congress: 8

(Click on figure to go to source.)