Saturday, May 4, 2013

Big Oil Subsidies - Big Waste

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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