Tags: elizabeth warren | oil companies | subsidies

Warren: Big Oil 'Polluters' Took $5B From Taxpayers in 2014

By    |   Tuesday, 14 Apr 2015 11:44 AM

Massachusetts Sen. Elizabeth Warren slammed what she sees as the hypocrisy of major oil companies that, she says, enjoy huge profits all the while taking taxpayer subsidies to keep themselves afloat, the National Journal reported.

Warren, in a speech delivered to the Good Jobs, Green Jobs conference in Washington, D.C., went after "corporate polluters" as she discussed issues related to climate change, the Journal said.

Citing ConocoPhillips, ExxonMobil, Shell, Chevron and BP, Warren said that the companies had combined profits of $90 billion last year while they "sucked down $5 billion in subsidies from the American people."

Speaking to labor and environmental activists, Warren championed regulation as a fair solution, the Journal said. "A lot of people think that regulations bring higher costs," she said. "But regulation is also about making sure that someone doesn't get to beat out the competition because they're dumping filth in the river or spewing poisons in the air."

She added that without oversight, the outcome of unchecked pollution will harm future generations and end with "children who can't drink the water," the Journal said.

The harsh remarks come even as Warren, while famed for her assault on Wall Street greed, is not known for her environmental activism, the Journal said.

It added that her "criticism of the Keystone XL pipeline and the Trans-Pacific Partnership, a trade deal that activists fear could weaken environmental protections, have made her a rising star in the environmental world."

Warren, a populist darling, has been described as a middle class "dream candidate" for president, even as she insists she is not running, CNN said.

She seems content, however, to offer her own brand of fearless tough talk against the nation's financial sector, the Daily Kos reported, citing her remarks at a Know Your Value Conference in Philadelphia.

"Do you think that if I smiled more at banking committee hearings, that Wall Street would put me on their Christmas card lists?" she said. "Give me a break."

"They didn't stop the train wreck happening right in front of them," Warren said of the mortgage crisis of 2008. "What happened in the mortgage market wasn't like a hurricane or a tornado.

"What happened in the mortgage market was a deliberate decision by the financial institutions to improve their profits by selling mortgages that were like grenades with the pins pulled out."

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Massachusetts Sen. Elizabeth Warren slammed what she sees as the hypocrisy of major oil companies that enjoy huge profits all the while taking billions in taxpayer subsidies to keep themselves afloat, the National Journal reported.
elizabeth warren, oil companies, subsidies
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2015-44-14
Tuesday, 14 Apr 2015 11:44 AM
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