Taxpayer-funded subsidies continue to pad enormous profits
of Big 5 oil companies when they could reduce the deficit
May 2, 2013
Washington, DC
– This week the Big 5 oil companies announced over $30 billion in first quarter
profits, leading US
Senator Robert Menendez (D-NJ) to call again for an end to taxpayer-funded
subsidies to these companies as part of tax reform.
“American taxpayers pad the enormous profits of the Big 5
oil companies by over $2 billion a year,” said Senator Menendez. “We shouldn’t continue to feed the Big 5 oil
companies’ greed while the sequester and other budget cuts starve funding for
seniors, soldiers’ families, and students.
Let’s be very clear: Big Oil
subsidies on top of Big Oil profits is a big waste.”
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