On the recordMay 5, 2011
I thank the gentleman for yielding and for his leadership on this very important issue, important in having an immediate impact on America's families. They are feeling the pain at the pump. Our families, our workers, our small businesses, every day it gets worse for them, the price at the pump. So what can we do about it? Well, we can do a number of things, and we will, that we have been advocating for. Of course we must increase domestic production, and there is a way to do that. But that is not all that we have to do. The American people understand that their tax dollars are going to subsidies for Big Oil. If we ended those subsidies, we could save over $30 billion for the American people. To put it into context, my colleagues, for the first quarter of this year, the Big Five oil companies made profits of over $30 billion. Why are we, the taxpayers, subsidizing their drilling of oil when they are making huge profits, doing it in the free market? President Obama has written to leaders in Congress asking to bring a bill to the floor to end these subsidies. I have written to Speaker Boehner asking him to do so. He has said the oil companies should pay their fair share. Mr. Ryan, the chair of the Budget Committee, has acknowledged that in his own district. And yet, in the budget that is proposed by the Republicans, Big Oil still gets a big subsidy from the taxpayer.…
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