On the recordMarch 29, 2012
I would be happy to at the end of my remarks. What a heartwarming story of Robin Hood in reverse--taking from the American taxpayer to give to the rich. So congratulations, Big Oil, you got $2 billion extra in profits and we got 4 percent less oil. But, of course, we are not just seeing less oil, we are also seeing the American driver gouged with higher gasoline prices. What happens when taxpayers are forking over $2 billion in subsidies a year to highly profitable oil companies that, in turn, produce less? We get a double whammy with $4-a-gallon gas at the pump and a bigger burden on taxpayers. How is that a fair return on our taxpayer dollars? It is pretty generous to Big Oil, which stands to profit $1 trillion over the next decade while getting $24 billion in subsidies, but it is a bad deal for consumers struggling to make ends meet. First, the Repeal Big Oil Tax Subsidies Act takes back $24 billion in taxpayer subsidies to Big Oil and stops that insanity. The next step the bill takes is investing in alternatives to oil--biofuels, natural gas, propane, and a refueling infrastructure for these fuels as well. By investing in these alternatives we finally give Big Oil some competition in the marketplace that will give consumers the choice to use cheaper fuels as well as drive down gas prices.…





