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House Dems Push to End Subsidies for Big Oil

11 Feb 2011  |   Damien Shirley

Tags: Congress, House

Earlier today we learned that oil companies don't need taxpayer-funded subsidies, according to no less an expert than former CEO of Shell Oil.

Now, several senior House Democrats--including Earl Blumenauer (D-OR) and Ed Markey (D-MA)--are proposing legislation to end nearly $40 billion worth of tax breaks for oil companies over the next several years.

On those subsidies, Rep. Markey has said "[t]he biggest companies no longer need 100 year-old subsidies to sell $100 dollar per barrel oil to make nearly $100 billion a year. We shouldn't be trying to balance the budget on the backs of our seniors and struggling middle-class families while oil company executives continue to line their pockets with tax breaks."

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