Senate Democrats continued debate today on legislation that would end the $21 billion in subsidies paid to oil companies each year. The amount saved would go toward the federal debt. The Close Big Oil Tax Loopholes Act targets the five largest oil companies: ExxonMobil, Shell, ConocoPhillips, BP and Chevron. Leading the charge are Senators Menendez, Brown, and McCaskill. Harry Reid stated "Why are taxpayers on the hook for oil companies that are doing just fine on their own? If we're serious about reducing the deficit, this is an easy place to start." Above Senator Barbara Boxer explains the breakdown of subsidies.
Oil executives spoke out strongly against the legislation during their testimony saying that it was "misinformed," "discriminatory" and "counterproductive." Many Republicans, including the John Boehner, have come out strongly against the legislation. While Senator Mary Landrieu termed the legislation a "gimmick," Boehner called the effort "easy politics."
(Flickr/Senator Boxer)
