Oil Companies Tax Breaks

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Thursday, May 12, 2011 - 9:51am

Oil company executives go to The Hill today to defend their massive profits AND their tax subsidies.

As gas prices soar, some in Congress are calling on oil companies, now making record profits, to help pay the price.

New York Senator Chuck Schumer said, "We're here to say enough already to Big Oil, you're doing just fine on your own."

Democrats have unveiled a bill to repeal about 2 billion a year in oil company tax breaks, claiming it could reduce the deficit by 21 billion over the next decade.

This morning the world's biggest oil companies will be drilled on Capitol Hill.

Senate Majority Leader Harry Reid said, "When the five executives come before the Finance Committee and try to explain in some way and reverse their position that these subsidies are suddenly necessary."

The oil companies say their tax breaks are the same as many businesses, while some Republicans claim the bill will cause prices to spike.

Texas Representative Bill Flores said, "Raising taxes on the energy industry is going to lower the amount of domestic energy that we have at an attractive price."

Senate Minority Leader Mitch McConnell said, "Higher gas prices, fewer American jobs, and more dependence on foreign competitors at the expense of American energy? That's their plan? No thank you."

The battle over oil prices and profits is now fueling big debate.
 

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