Oil companies have taken three out of the top five spots on the Fortune 500 list this year.

According to Fortune, ExxonMobile showed profits of $41.1 billion in 2011 on 452 billion in revenue, an increase of 35% in profits from 2010 pushing Walmart into the second place slot in revenue earnings. ExxonMobile wasn’t the only oil company in the top five however, Chevron and Conoco-Phillips claimed 3rd and 4th position respectively. The list was finished up with General Motors as the 5th place company.

This list should add ammo to President Obama’s and liberal democrats campaign to end tax breaks for the oil companies. Democrats have long argued that the oil companies can do without the tax breaks that the Republicans have defended.

The end of the tax breaks for these oil behemoths will probably not come anytime soon. As recently as last month, a democrat backed bill to cut out over $24 billion in breaks over ten years to the largest oil companies was struck down in the Senate. If it in fact had passed the Senate, most assuredly it would have failed in the House.

GOP Lawmakers have successfully coupled the tax breaks to increased gas prices, saying that denying the tax breaks to the oil companies will do nothing to lower the price of gas at the pump and the administration should rather move towords oil development instead.

While the GOP says that according to a March 2011 Congressional Research report that removing the tax breaks would cause an increase in prices at the gas pump, democrats cite a May report by the same Congressional Research Service saying that the recinding of tax breaks would have no effect at all at the pump.