As in the past, I'm working to drive down gas prices that are putting an unwelcome dent in families’ budgets and our country’s economic recovery. While I have a plan to gain access to the national oil reserve and reduce our reliance on foreign oil, I also want to eliminate the tax loopholes that oil companies have been taking advantage of for years.
The nation’s five largest oil companies have made nearly $1 trillion in profits over the past decade, which is why just this week, I announced the introduction of the Close Big Oil Tax Loopholes Act. This bill will put an end to taxpayer handouts to the five largest oil companies making record profits, and use the billions in savings to help reduce the deficit.
In a Senate Finance Committee hearing yesterday, I also pressed the CEOs of the five largest oil companies to voluntarily give up their taxpayer handouts and let American consumers keep their hard-earned money. Unfortunately, the CEOs refused to acknowledge that they don't need the tax loopholes even though their companies have seen windfalls of a combined $36 billion in the first three months of this year alone, and in spite of the
If we’re paying more than $4 per gallon in gas prices and doing our part to address the country’s growing deficit, then Big Oil needs to step up to the plate and share in the sacrifice to help balance the budget. If you have a minute, I invite you to watch my remarks-http://1.usa.gov/maoFhA or you can also read more about the bill and what it would do on my website at - http://1.usa.gov/maoFhA.