The New York Times published a must-read editorial today discussing how we could save nearly $100 billion over 10 years by ending taxpayer-funded handouts for Big Oil.
According to the Congressional Research Service, ending those subsidies would have no effect on gas prices and would hardly dent Big Oil's profits. That finding corroborates Senate testimony by ConocoPhillips' CEO, who has stated that Big Oil doesn't need those handouts.
In the second quarter of this year alone, the five most profitable oil companies made more than a combined $35 billion in profits.
President Obama has called repeatedly for Congress to end handouts to Big Oil, but Congress has yet to pass legislation doing so.