WASHINGTON – Today, a bipartisan majority in the U.S. Senate voted to repeal billions of dollars in taxpayer subsidies to the nation’s most profitable oil companies. Repealing these tax breaks would result in $21 billion in revenue over the next decade that this legislation aimed to use to cut the deficit.
League of Conservation Voters President Gene Karpinski issued the following statement in response:
“As American families struggle with high gas prices and Big Oil continues to reap record profits, a bipartisan majority in the Senate voted to repeal billions in taxpayer handouts to the most profitable oil companies. But unfortunately, enough Senators beholden to Big Oil were able to block eliminating these superfluous subsidies, even though those savings would have been directed to cutting the national deficit.
Their record profits as well as previous statements by their CEOs don’t lie: the most profitable oil companies don’t need to be subsidized. Congress must once and for all end these taxpayer-funded giveaways that allow oil companies to profit off consumers twice: once at the pump and again from our federal taxes.”
The 48 senators who voted to maintain oil industry handouts received, on average, more than four times more campaign cash from oil and gas interests during their careers than the 52 senators who sided with American families. Additionally, all 12 senators who have received more than $500,000 in campaign cash from oil and gas interests during their careers voted to protect Big Oil’s giveaways.
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