Tuesday, May 10, 2011

End Taxpayer-funded Subsidies for Big Oil

End Taxpayer-funded Subsidies for Big Oil

End Taxpayer-funded Subsidies for Big Oil

Oil rig
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The 2011 first-quarter profit reports are in. Exxon's profits soared more than $10 billion, up a whopping 69 percent from last year. Shell reported profits of $6.9 billion, up by more than 30 percent. And despite the devastating Gulf oil spill, BP made more than $5 billion. Adding to Big Oil's massive piggybank of profits: government-funded tax credits and subsidies, totaling $4 billion a year. Meanwhile, funding for protecting our air, water and climate is being cut.

The good news is that in the last few weeks, pressure has been mounting on the federal government to do something about this. President Obama is pushing to end tax credits and subsidies for Big Oil. Sen. Harry Reid (D-Nev.) has pledged to bring this issue to vote shortly.

With environmental and climate catastrophe looming, gas prices soaring, and untoward profits and public opinion on our side, we have a real shot at ending oil subsidies now.
But we need you to help make our voices heard. Write to your U.S. senator about this issue today.

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