The big five oil companies BP, Exxon, Shell, Chevron, ConocoPhillips Oil companies are making record profits.At the same time, these oil companies benefit from more than $4 billion in special tax breaks every year from congress.With gas prices at $4 a gallon and higher, there’s no excuse for giving them billions more in taxpayer subsidies and bailouts. Why does ExxonMobil get a tax break while we get stuck paying higher gas prices?ExxonMobil has reported 1st quarter profits of nearly $11 billion. Shell announced $6.9 billion in profits. BP earned over $5 billion during the first three months of this year and Conoco Phillips earned $3 billion over the last three months, while Americans across the country are scuffling with near record prices at the pump and high unemployment.Congress needs to stop tax gifts in billions in subsidies to Big Oil.
Big Oil will receive more than $40 billion over the next 10 years in tax breaks and subsidies. This does not include the billions in profits each year. Big Oil pays no taxes but Americans pay taxes at Big Oil gas pumps. Still, these oil companies receive charitable gains from more than $4 billion in special tax breaks every year. Why is Congress subsidizing one of the most profitable industries in America?
President Obama has repeatedly stated that eliminating special tax breaks for Big Oil is one way to help reduce the federal debt. Earlier this year a bipartisan majority in the Senate and House of Representatives voted to repeal billions in taxpayer bailouts to Big Oil. Sorry to say that Big Oil has afforded congressional members with deep pockets in exchange from keep legislative action from progressing. The same congressional members that provided a lax regulatory environmental protection action in deep water oil drilling.
Big Oil’s lobbyists are continuing to work the two party political system for a lenient oil agenda.It’s time for this to stop. It’s time for Congress to halt Big Oil bailouts at the expense of the tax payer.
Tell Congress To End Big Oil Bailouts.