Today, House Republicans voted to protect billions of dollars in taxpayer giveaways for Big Oil companies.
Last week, the big five oil companies reported that their profits increased by 38 percent since this time last year, while middle income families are feeling the squeeze at the gas pump. Two weeks ago, Republicans voted to end Medicare and raise health care costs for seniors in order to protect these taxpayer giveaways for Big Oil.
Jesse Ferguson of the Democratic Congressional Campaign Committee said:
ExxonMobil reported profits of nearly $11 billion in the first quarter of 2011, a 69 percent increase. Shell reported profits of $7 billion, ConocoPhillips reported profits of $3 billion, Chevron reported $6.2 billion, and BP reported $5.5 billion.
Republicans chose taxpayer funded giveaways for Big Oil companies making record profits rather than doing what’s right for folks squeezed by high prices at the pump.
House Republicans’ priorities are clear: protecting Big Oil comes at the expense of seniors and working families. No wonder Big Oil rewards Republicans with generous campaign contributions.
The measure House Republicans opposed would bring the Big Oil Welfare Repeal Act of 2011 (H.R. 1689) to the floor for consideration. H.R. 1689 would amend the Internal Revenue Code to prohibit major oil companies (the Big 5) from receiving a tax deduction for domestic oil and natural gas production activities.
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