Oceana Applauds Senate Introduction of “Close Big Oil Tax Loopholes Act”
Press Release Date: May 27, 2010
Location: Washington, D.C.
“Oceana applauds the introduction of the “Close Big Oil Tax Loopholes Act” by Sen. Robert Menendez (D-NJ) and Sens. Bill Nelson (D-FL) and Jeff Merkley (D-OR). As the Deepwater Horizon drilling disaster unfolds, the true costs of taxpayer subsidies to the oil industry have become more clear.
Along with President Obama’s stated intention to cut billions of dollars in oil industry subsidies from his proposed Fiscal Year 2011 budget, this legislation sends an important message: the free ride is over and the taxpayers will no longer support a corporate welfare program that also harms the environment. Congress should pass legislation to end these harmful subsidies, once and for all.
We should stop paying oil companies to poison our coasts. The oil and gas industry has controlled energy policy for too long. These multi-national companies have enjoyed record-high profits, while saddling taxpayers with the many costs of offshore drilling. It is time for Congress and the Administration to protect the economic interests of all Americans by investing in cleaner, safer, renewable energy that would create more jobs and stimulate our economy, without putting coastal livelihoods and marine life at risk.”
Oceana is an international ocean conservation group that works to protect and restore the world’s oceans. For more specifics, go to www.oceana.org.