It’s Time to End Tax Giveaways to Big Oil
On the same day that House Republicans are likely to pass their Medicare-ending, taxes on the wealthy-slashing budget, tomorrow the Senate will vote on a bill sponsored by Sen. Robert Menendez (D-NJ) that will eliminate nearly $24 BILLION in tax giveaways to the five largest oil companies. That’s $24 BILLION of taxpayer money shoveled to the same five largest oil companies that racked up an astounding $137 BILLION in profits in 2011 alone — a 75 percent increase over 2010.
Instead of a wasteful giveaway to Big Oil, this bill would devote some of our scarce resources to extending important clean energy programs and tax breaks for consumers.
FAST FACT: For every penny more consumers pay at the pump increases Big Oil profits by another $200 MILLION. Think about that the next time you fill up your tank.
Here’s some charts to put all of this in perspective.
![PRODUCTION V. OIL PRICE V. GAS PRICE GRAPH](http://www.americanprogress.org/issues/2012/02/img/big_oil_figure1.jpg)
![profits vs. cash assets](http://www.americanprogress.org/issues/2012/02/img/big_oil_figure2.jpg)
It’s also worth noting that in addition to making obscene profits off the backs of American consumers, Big Oil is using tens of billions of dollars a year to buy back its own stock — enriching a small number oil executives and Americans at the expense of the rest of us.
![Big Oil helps itself](http://www.americanprogress.org/issues/2012/02/img/big_oil_table2.jpg)
INQUIRING MINDS WANT TO KNOW: Tomorrow, will your Senator side with Big Oil or choose American consumers and clean energy?
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