Enough is enough.
Last week ExxonMobil reported 1st quarter profits of nearly $11 billion. Shell announced $6.9 billion in profits. BP earned over $5 billion during the first three months of the year.
Meanwhile Americans across the country are struggling with near-record prices at the pump.
And do you know the worst part? While the Big Oil companies rake in obscene profits, they’re also getting billions of dollars in taxpayer-funded subsidies.
Over the past decade, the big five oil companies -- BP, Chevron, ConocoPhillips, ExxonMobil and Shell
-- have enjoyed more than $900 billion in profits. Let me repeat that. Since 2001, the world’s biggest oil companies have made over $900 billion in profits.
-- have enjoyed more than $900 billion in profits. Let me repeat that. Since 2001, the world’s biggest oil companies have made over $900 billion in profits.
At the same time, these oil companies benefit from more than $4 billion in special tax breaks every year. Why are we subsidizing one of the most profitable industries? Why does ExxonMobil get a tax break while we get stuck paying higher gas prices?
The House of Representatives has already voted three times this year to end oil industry subsidies, but each time Big Oil’s congressional backers successfully beat back those efforts. And amidst reports of tens of billions in oil industry profits and rising gas prices, House Speaker John Boehner is refusing to hold another vote on ending oil subsidies.
But momentum is building for action. Senate Majority Leader Reid has said that the Senate may soon vote on legislation that would strip the biggest oil companies of the government handouts they enjoy.
Thank you for taking action.
Sincerely,
Gene Karpinski
President
League of Conservation Voters
Gene Karpinski
President
League of Conservation Voters
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