It’s interesting that for every penny we pay extra in gas – the oil industry makes an additional $200 million per quarter in profits. That’s MIND BOGGLING. And the Republican party wants you to believe that oil prices are high because of our President despite the fact that domestic oil production is at a 12 year high. As we’ve written before:
In the past decade – the world’s five largest oil companies made almost $1 TRILLION in profits and yet the Republican party which is bought lock, stock and barrel by the oil and financial services industries will not allow for the elimination of taxpayer funded subsidies. The Democrats are specifically trying to eliminate special handouts only for the Big Five – BP, Chevron, ConocoPhillips, Exxon Mobil and Shell.
Courtesy of Think Progress:
By a nearly party-line vote of 51-47, the U.S. Senate failed to get the 60 votes needed to eliminate $24 billion in taxpayer subsidies for the five richest oil companies. The Republicans filibustered legislation by Sen. Bob Menendez (D-NJ) which would have cut the subsidies to pay for investment in wind power and energy efficiency. Democrats who joined the Republicans included Sens. Mary Landrieu (D-LA), Ben Nelson (D-NE), Mark Begich (D-AK), and Jim Webb (D-VA). Sen. Susan Collins (R-ME) and retiring Sen. Olympia Snowe (R-ME) broke ranks and voted to cut the tax breaks.
President Obama proposed this elimination in taxpayer subsidies. Video below:
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