Over the past decade, the big five oil companies -- BP, Chevron, ConocoPhillips, ExxonMobil and Shell -- have enjoyed nearly $1 trillion in profits.
At the same time, these oil companies benefit from more than $4 billion in special tax breaks and other giveaways every year.
Why are we subsidizing one of the most profitable industries? Why does ExxonMobil get a tax break while so many Americans are struggling to make ends meet and get stuck paying higher gas prices?
The House of Representatives has already cast several votes this year related to ending oil industry subsidies, but each time Big Oil’s congressional backers successfully beat back those efforts. In fact, pro-polluter lawmakers in the House are instead pushing irresponsible drilling that puts our economy and our environment at risk -- demonstrating their energy policy is simple: oil above all.
But as Congress continues to work on the 2012 budget, we need to make sure that oil industry subsidies are on the chopping block.
The big five oil companies -- BP, Chevron, ConocoPhillips, ExxonMobil and Shell -- have made over $100 billion in profits so far in 2011. At the same time, these same corporate giants are also receiving billions in taxpayer-funded subsidies each year.
It is outrageous that Big Oil continues to benefit from special tax breaks while also raking in sky-high profits.
As Congress completes the 2012 budget in the coming months, I strongly urge you to stand up to the oil industry by supporting any effort to cut Big Oil's taxpayer-funded subsidies.