Yesterday Oceana CEO Andy Sharpless joined members of Congress and other clean energy advocates in urging an end to oil industry tax breaks and subsidies.
The five biggest oil companies – including Chevron, Shell and ExxonMobil — took in 70 percent more profit this quarter than they did in the same quarter in 2010, and their earnings for 2011 are projected to go up by 74 percent to $132 billion. And yet U.S. policymakers have consistently voted to continue tax breaks and subsidies for these corporations.
In other words, we are essentially paying these companies to take big risks in our oceans. What’s wrong with this picture?
As Sharpless noted, ending these tax breaks will protect vital economic programs for hard working Americans and veterans, while reducing the federal deficit. “Ending giveaways to oil companies is a no-brainer,” Sharpless said. “Oil companies should pay their fair share of taxes like the rest of us – they doggone sure have the money.”
Senator Robert Menendez (D-NJ), one of the speakers at yesterday’s press conference, has been a longtime leader in the fight to close tax loopholes for Big Oil. Just last month, Sen. Menendez led a letter with 13 Senate colleagues to the The Joint Select Committee on Deficit Reduction, often called “the Supercommittee,” urging consideration of his “Close Big Oil Tax Loopholes Act.” The bill calls for the elimination of more than $21 billion in oil subsidies. The bill received a majority vote in the Senate but did not pass due to a Republican filibuster.
“Isn’t it time we asked Big Oil – the folks who made $100 billion in profits so far this year – to pay their fair share?” Menendez said.
We couldn’t agree more.
The Obama Administration has proposed cutting harmful oil and gas subsidies by $4 billion per year. The President’s proposal would net over $40 billion over 10 years.
We’ll continue the fight to end these harmful subsidies and promote investment in clean energy. Thanks as always for your support and stay tuned! (In the meantime, you can check out more photos from yesterday’s presser.)