All is well in Big Oil land. Profits are up for BP and Exxon is so worried about the stunning profit headlines that are about to hit today that they are scrambling to soften the blow. Now more than ever, it's time to bring an end to their freeloading handouts. They want capitalism, so let's give it to them. No more handouts to the richest industry on the planet.
BP expects to be back drilling in the Gulf of Mexico, where a rig explosion last year killed 11 men and caused the biggest offshore oil spill in U.S. history, in the second half of this year.
After BP PLC reported Wednesday that net profits rose 16 percent in the first quarter, company officials acknowledged the company has applied for permits to restart drilling in the Gulf.
