Oceana Reaction to Congress’ Refusal to Cut Big Oil Subsidies
Press Release Date: April 28, 2011
Location: Washington, D.C.
During the past two days, BP, ExxonMobil and Chevron all announced impressive financial results, including record profits and increased dividends. This, at a time when the country is mulling the need to continue providing billions in subsidies to the oil industry annually.
International ocean conservation group Oceana believes that record oil industry profits and big shareholder dividends are strong evidence that multinational oil companies don’t need or deserve continuing subsidies from American taxpayers. The Obama Administration’s 2012 budget proposal estimates that eliminating oil and gas subsidies would save $46.2 billion over a decade and help launch a “21st Century energy economy.”
“Money is rushing like last summer’s oil spill, from the poorest Americans to the richest, in record amounts. Most of us pay at the pump. But only a select few, Big Oil’s executives and shareholders, get to rake in these record profits. Then they have the audacity to demand more taxpayer money in very tough economic times,” said Oceana’s Jacqueline Savitz.
If you’re not employed by the oil industry right now, you pay dearly for your fuel and are likely to suffer cuts in many government services. It’s about time Congress stopped padding the pockets of big oil companies and started building an energy industry that won’t be held hostage by other countries or even American oil industry executives, who have turned making billions into an art form,” added Savitz.
During this time of fiscal austerity, shouldn’t we be asking big multinational oil companies to pay their fair share toward America’s economic recovery?
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