Katie Porter: “Orange County families are feeling the squeeze of higher gas prices. As a single working mom, I share their concern when…”

“Orange County families are feeling the squeeze of higher gas prices. As a single working mom, I share their concern when I fill up my minivan. We can provide relief by holding oil companies accountable. These corporations are making record profits, the highest they have been in over 7 years, even as Americans are struggling. And as the price of crude oil falls, oil and gas companies have refused to pass on savings to customers. Especially as Big Oil engages in profiteering, they should not get our taxpayer dollars to line their pockets. Each year, the industry receives roughly $650 billion in direct and indirect subsidies, financed by taxpayers. This week, I am leading an effort to bring legislation to the House floor that ends these giveaways to a profitable industry and instead puts these dollars toward helping families make ends meet. Last week, I introduced the End Oil and Gas Tax Subsidies Act, which would eliminate nearly a dozen longstanding egregious tax breaks to the oil and gas industry. Healthy capitalism requires a level-playing field. For far too long, Big Oil has manipulated the market in its favor by lobbying Congress for sweetheart deals. Then, they raise prices while simultaneously rewarding their executives with huge bonuses. Their record profits are proof that they can do without market- distorting government subsidies. Eliminating these tax breaks would provide approximately $60 billion in help to families feeling the squeeze.…”