Mitt Romney

Big Oil Subsidies

Romney would protect oil companies’ $4 billion in annual taxpayer-funded subsidies, despite record profits:

Romney: “I don’t want to raise taxes on oil companies.” In response to the ads that the Obama Campaign and Priorities USA Action were running, which criticized Romney's support for tax breaks for oil companies, Romney said at a townhall meeting, "[Obama] blames me for the high price of gasoline because I don’t want to raise taxes on oil companies. I don’t like raising taxes on anybody." He then said that the President's proposal to eliminate oil subsides is part of a “dangerous” strategy to “divide America.” [Romney Townhall in Delaware, 4/10/12]

Romney supports Paul Ryan’s budget plan, which would keep tax breaks for Big Oil. According to Politico, Romney said: “I'm very supportive of the Ryan budget plan. It's a bold and exciting effort on his part and on the part of the Republicans and it's very much consistent with what I put out earlier.… I applaud it. It's an excellent piece of work and very much needed.” As the Center for American Progress has noted, the Ryan budget “retains $40 billion in Big Oil tax loopholes while completely eliminating investments in the clean energy technologies of the future that are essential for long-term economic growth.” CAP recently confirmed that the oil subsidies would still be protected in the latest version of the Ryan budget. [Politico, 3/20/12; Center for American Progress, 4/6/11; Center for American Progress, 3/21/12]

Romney also pledged support for oil company subsidies during the 2008 campaign. The New York Times reported: "In a written response to questions about his energy positions, Romney said Friday, ‘Now is not the right time to raise taxes on our oil companies.’ He expressed doubt about requirements to reduce carbon-dioxide emissions." [New York Times, 11/28/07]