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Wednesday
May112011

Senate Dems Deplore Gas Companies Receiving Taxpayer Subsidies

Kevork Djansezian/Getty Images(WASHINGTON) -- Standing before a gas station sign bearing a price tag of $4.29 per gallon on Capitol Hill, five Senate Democrats echoed the chorus calling on the five most profitable oil companies to forego the corporate subsidies designated to their companies.

“The sign behind us symbolizes two things.  It symbolizes how much the average American driver is paying,” Sen. Chuck Schumer, D-N.Y., said. “But it also symbolizes the record profits that the oil companies are making.  Plain and simple.  We all know that we have a huge deficit problem in America and to start off the first place most Americans would start is with the record profits the oil companies are making and saying to them, knowing that that they should not get a taxpayer subsidy to boot.

“I think the American people understand as they pay more at the pump, big oil makes more money,” Sen. Bob Menendez, D-N.J., one of the sponsors of the Close Big Oil Tax Loopholes Act, said. “The American driver’s pain is big oil’s profit, but what really drives Americans crazy is that their own government is helping to subsidize what are very largely profitable companies.”

“Enough is enough,” Sen. Debbie Stabenow, D-MI, said. “Right now, people are paying as much for gas as they’re paying for their healthcare and almost as much as they’re paying to feed their families and put groceries in their home. Now’s the time to take away subsidies that aren’t needed that just add insult to injury because of what taxpayers are having to pay.”

Sens. Richard Blumenthal, D-CT, Ben Cardin, D-MD, Menendez, Schumer and Stabenow sent a letter to the five largest oil companies -- BP America, ConocoPhillips, Chevron Corporation, Exxon Mobil, and Shell -- before their testimony on Capitol Hill Thursday, asking them to give up the subsidies and “pay a fair share toward reducing the deficit.”

“Tell the truth.  You don’t need this subsidy, and it ought to go to reducing the deficit,” Schumer said. 

The Democrats also urged Boehner to include the subsidies cut in the deficit reduction plan. Schumer told reporters after the press conference that there is “widespread support” in the Democratic caucus for the bill and a vote on the legislation is scheduled on the Senate floor for next Wednesday.

Copyright 2011 ABC News Radio







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