Thread: Senate seek to slash subsidies for 'Big Oil'

Senate seek to slash subsidies for 'Big Oil'

By ANDREW TAYLOR, Associated Press

Tuesday, May 10, 2011 at 9:01 a.m.

WASHINGTON — Democrats running the Senate are seeking to take away tax breaks that pad the profits of the five biggest oil companies by $2 billion a year and use the money to attack the spiraling deficit.

The new legislation would cut off immensely profitable companies like Shell Oil and Exxon Mobil from subsidies like a deduction originally aimed at boosting manufacturing. The top five oil companies have booked profits of $36 billion in the first quarter of this year alone.

New Jersey Democrat Robert Menendez acknowledged that the legislation - slated for a vote next week - won't do anything about gas prices that now exceed $4 a gallon in many places.

Republicans are expected to filibuster the bill. They say the companies would raise prices if the measure became law.

http://www.signonsandiego.com/news/2011 ... r-big-oil/

Why would the taxpayers be subsidizing oil companies that make profits of $36 BILLION in a quartet year?
This is insanity.

The top five oil companies have booked profits of $36 billion in the first quarter of this year alone.

This right here is just one of many examples why the American people are screwed no matter what. Finally the Demorats do something that makes sense and the Republicans are against it. Typical. I guess they'd rather play political games then do anything that benefits us. If the Demorats were against it, they'd be for it.

Didn't the Republicans claim they were going to cut back on wasteful government spending? Yeah my arse.

MITCH in the senate has more invested in oil than everyone in congress he is half owner in Ashland oil here in Ky.Do you think he is going to cut his profits off dont think so.Oil went down this week but do you see prices at the pump going down just today gas at speedway went to 4 05 a gal.

Originally Posted by duckman

MITCH in the senate has more invested in oil than everyone in congress he is half owner in Ashland oil here in Ky.Do you think he is going to cut his profits off dont think so.Oil went down this week but do you see prices at the pump going down just today gas at speedway went to 4 05 a gal.

Prices at the pump went down? You sure could have fooled me. They went up 11 cents yesterday where I'm at to 430 a gallon.