Steven Holt: “Much of this bill deals with new giveaways to Big Oil. The issue that I'm raising right now is to deal with a continuing…”

“Much of this bill deals with new giveaways to Big Oil. The issue that I'm raising right now is to deal with a continuing longstanding giveaway. The Big Five oil companies made a record profit of $137 billion last year; and in the first quarter of this year, they continued to capitalize on the pain that Americans are feeling at the pump, raking in $368 million in profits per day. Oil companies are not paying any royalties to the American people on oil produced in the Gulf of Mexico from leases issued between 1996 and 2000. Zero. No royalties. They're pumping this oil for free without paying the taxpayers a single dime. Now they got this giveaway because of an incentive back in 1995 to companies to drill for oil when oil was selling for less than $20 a barrel. In recent years, the amount of free oil these companies have been pumping has gone through the roof as more of these faulty leases have gone into production. In fact, right now, more than 25 percent of all oil produced offshore on Federal lands is produced royalty-free, no payments to the taxpayers for the use of their land. These oil companies are getting a complete windfall on 25 percent of all the oil they produce offshore in the United States. They do not pay the American people one penny for this right, regardless of the fact that now oil is selling at about $80 a barrel. The number one entitlement program that should be on the chopping block for Congress shouldn't be Medicare.…”