On the recordMay 5, 2011
I rise to oppose this rule. Americans are feeling pain at the pump. Rising gasoline prices--and they're rising, folks--it's going to cost the average person another $800 per year at the rate of these increases. That wipes out the tax breaks that most Americans have just received, and it's going to hurt our economy, and it's hurting our national security. These oil companies are making increased profits as the money in our wallets flies right into the gas tanks. Now is the time to consider a sensible energy policy and to strip subsidies from oil companies. It shocks every American taxpayer to know that they're required to fork over an additional $40 billion-plus over the next decade to give tax subsidies and giveaways to these enormously profitable companies. What are they doing with that money? They're taking up to 90 percent of that and buying their stocks back, increasing their own personal wealth. So let's be clear. Oil companies don't need it. If you don't believe me, ask them. The former CEO of Shell oil says, ``With higher oil prices, the subsidies aren't necessary.'' The SPEAKER pro tempore. The time of the gentleman has expired.
