Oil companies are making record profits, and with gas prices at $4 a gallon and higher, there’s no excuse to give them billions more in taxpayer subsidies and bailouts.
The Senate will vote next Tuesday on ending billions in subsidies to Big Oil. The bill would would eliminate more than $20 billion – over the next 10 years – in tax breaks and subsidies for the five biggest oil companies on the planet (BP, Exxon, Shell, Chevron, ConocoPhillips).
In just the last 3 months, the Big 5 oil companies reported more than $30 billion in profit. In the last decade, they’ve made more than a trillion dollars in net profits. The oil industry doesn’t need more of our money. (TP)
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