LOUISIANA – On Tuesday, 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. Senator Landrieu voted against this majority to protect oil industry handouts. 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.
Navin Nayak, Senior Vice President of Campaigns at the League of Conservation Voters released the following statement on Senator Landrieu’s support for maintaining tax breaks for the richest oil companies while Louisiana families suffer at the pump:
“Even though Louisiana families are struggling to pay four dollars a gallon for their gas, Senator Landrieu voted to protect billions in taxpayer handouts to the most profitable oil companies. These are the same companies who yet again reported tens of billions in profits last quarter -- and after accepting over $800,000 from the oil industry, it should come as no surprise that Senator Landrieu would vote to protect the profits of her loyal campaign contributors. It’s time for Congress to eliminate these unnecessary subsidies that allow oil companies to profit off Louisiana consumers twice: once at the pump and again from their federal taxes.”
Senator Landrieu has received $800,844 from the oil and gas industry over the course of her career. A recent NBC/Wall Street Journal poll found that 74 percent of voters support eliminating tax breaks to oil companies. [NBC/WSJ Poll, February 2011]
# # #