As gas prices rise higher the closer we get to summer, Big Oil is raking in record profits –making $200 million more per quarter for every penny increase in gas prices. The big five oil companies and other oil and gas firms spent over $146 million lobbying Congress in 2011 –for which they were handsomely rewarded with continued tax breaks.
Last year’s Senate vote on repealing oil subsidies failed to gain 60 votes with a split of 52 to 48. Those 48 senators who voted with Big Oil received over $21 million in career oil contributions, while the 52 senators who voted to protect the American people received only $5.4 million.
This week, the Senate will be voting again to end handouts the oil companies that made $137 billion last year.