Tags: Oil Company Subsidies

Democrats Seek to Slash Subsidies for 'Big Oil'

Tuesday, 10 May 2011 12:08 PM

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.

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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...
Oil Company Subsidies
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2011-08-10
Tuesday, 10 May 2011 12:08 PM
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