On the recordMay 4, 2011
With gas prices in my district in Louisville, Kentucky hitting $4, as they are all over the country, ExxonMobil just reported earnings of $10.7 billion for the quarter, almost 70 percent higher than last year. BP, Conoco, Shell, and Chevron already reported huge increases in profits. And we are still giving them taxpayer-financed subsidies. Last week, the chairman of the Budget Committee said he thinks we ought to do away with these subsidies. And yet, he and the rest of the Republican majority are pushing a budget that not only sustains those giveaways to oil companies, but also would lower taxes for billionaires, all at the expense of our seniors, our students and our struggling families who are paying that $4 a gallon all over the country. We ought to do away with these subsidies, and the Democrats have introduced the Big Oil Welfare Repeal Act to do just that. If we are serious about deficit reduction and equity in this country and fairness, we will pass the Big Oil Welfare Repeal Act, and we will help to begin to return this country to having an economy that works for everybody, and not just for ExxonMobil. ____________________
