Jon Tester: “I rise in support of legislation I am proud to cosponsor--to finally end the taxpayer handouts to the world's largest…”

“I rise in support of legislation I am proud to cosponsor--to finally end the taxpayer handouts to the world's largest oil companies--as they rake in record profits. This measure is about accountability. It is about responsibility. It is about fairness. When I got off the tractor from planting last weekend and went to fill my tank, it was $3.69 in Big Sandy, MT--almost a dollar higher than just a few months ago. But while I am paying close to $4 gallon at the pump, like other working Americans, oil company executives are padding their stock options and bonuses. They are diminishing their investment here in America, choosing instead to use tax loopholes to offshore their production. I would like to make just three quick points today about the over $4 billion in tax earmarks that the biggest oil companies in America are receiving today. First, they never asked for them. Second, they don't need them. And finally, they are not good for America--or our economy. These taxpayer handouts are running up our national debt, taking our jobs overseas, and they expose us to higher gas prices. In 2005, the CEOs of the five largest oil companies testified in the Senate about these subsidies. When asked directly about these oil and gas tax breaks, all five executives said they did not ask for them. They agreed with President Bush--that with the price of oil over $55 per barrel, they didn't need tax incentives. And today, oil is $109 per barrel.…”