As families, workers, and small businesses across the country continue to face tough economic times, record gas prices – averaging nearly $4.00 per gallon – are causing additional hardship. It’s especially unfair that those same American families, workers, and small businesses are also footing the bill for tens of billions in subsidies for oil companies who made over $900 billion in profits over the last decade – with another $36 billion in profits just this quarter:
Democrats believe it’s long past time to turn off the spigot of public funds flowing to Big Oil and even Speaker Boehner said last week that oil companies should pay their fair share. Today Democrats offered Republicans an opportunity to end one of the most egregious tax breaks for Big Oil with the Big Oil Welfare Repeal Act of 2011. Leader Pelosi:
Unfortunately, House Republicans voted unanimously to stop the Democratic effort:
Today’s vote marks the fourth time this year House Republicans have chosen Big Oil over the middle class:
On April 15th, 98% of House Republicans voted for the Republican budget which ended Medicare as we know it while giving $40 billion to Big Oil in tax breaks.
An amendment on March 1st to repeal taxpayer-funded subsidies to Big Oil. The amendment would have prohibited large oil companies from receiving certain tax breaks, like the domestic manufacturing deduction in the 2004 international tax law. Repealing these tax breaks would save taxpayers tens of billions of dollars over the next decade. 100% of House Republicans voted no.
An amendment on February 18th to make oil companies pay their fair share for drilling on public lands. To help reduce the deficit, the amendment would have fixed a flaw in 1998 and 1999 leases in the Gulf of Mexico that allow oil companies to drill without paying any royalties that could cost American taxpayers up to $53 billion over the next 25 years. 95% of House Republicans voted no.