Bart Stupak: “for too long Big Oil has benefited from weak royalty laws, huge tax breaks, and subsidies. Last year, the five biggest…”

“for too long Big Oil has benefited from weak royalty laws, huge tax breaks, and subsidies. Last year, the five biggest oil companies' profits were $97 billion, nearly five times their profit in 2002. These record profits were bolstered by excessive tax breaks, generous subsidies, and being allowed to drill on public land without reimbursing taxpayers. In the meantime, Americans are being taken at the gas pump as gas prices rose to over $3 per gallon last summer. Rather than helping oil companies' bottom lines, these tax breaks and special subsidies will be reallocated in H.R. 6 to promote and develop clean and renewable energy to end our Nation's addiction to oil. Under prior Republican leadership, the oil industry enjoyed years of record profits with minimal oversight, resulting in price manipulation and record gas prices. The American people have chosen a new direction, and under Democratic leadership we will end the tax breaks and the subsidies to Big Oil. America will begin to end our addiction to foreign oil, improve our environment, and promote our economic and national security through clean and renewable energy. Vote ``yes'' on H.R. 6.”