Xavier Becerra: “ExxonMobil, which made over $40 billion in profits recently, the most ever made by any corporation in our country's…”

“ExxonMobil, which made over $40 billion in profits recently, the most ever made by any corporation in our country's history, needs a tax break, a tax subsidy. The five largest oil companies which had revenues of $123 billion last year need a tax break so they can have a reason to keep jobs in America. Today Americans, I know back home in Los Angeles, my constituents are paying over $3.30 a gallon for gasoline at the pump. From those $3.30 a gallon, every gallon of gas that's pumped, the oil companies extract the moneys that gave them these massive profits. Yet now it's not enough that they take the money from our constituents' pockets for gasoline but they have to take it in the taxes that our constituents are paying to the Federal Treasury to give tax subsidies to the largest oil companies in America so that they can be persuaded to keep jobs in America. Something is wrong. That's why this bill is on the floor today. We're going to take this debate on energy policy in a new and different direction. Think solar. Think wind. Think geothermal. Think hydro power. This bill takes us in a different direction because we think that industries that are saying we want to create clean burning energy, we want to create new jobs and pay great wages is the best way to go. Today our country is suffering from the highest inflation rates it's seen in almost three decades.”