|What are they waiting for?|
|Thursday, 17 February 2011 12:08|
Republicans Won’t Touch Sacred Cow of $5 Billion a Year in Big Oil Subsidies
Shell Oil CEO: Big Oil Doesn’t Need Subsidies
Treasury Sec. Geithner: Ending Big Oil Subsidies Won’t Raise Gas Prices
Something is missing from all the Republican sound and fury over our budget deficits: a serious discussion of big oil tax giveaways. As the new House majority asks Americans to make big sacrifices as social programs are cut, Republicans refuse to touch the more than $5 billion a year that taxpayers spend subsidizing Big Oil.
Yet Big Oil says it doesn’t need taxpayer subsidies:
And cutting subsidies won’t raise oil prices:
Rep. Blumenauer and fellow House Democrats have legislation, the Ending Big Oil Tax Subsidies Act (H.R. 601), that would eliminate the tax loopholes that allow such an egregious waste of taxpayer dollars. So what is the new majority waiting for?
For comparison’s sake, Republicans would rather do ALL of the following instead of simply eliminating $5 billion a year in subsidies for Big Oil:
- Leave our nation’s heroes stranded by cutting $75 million in Veteran’s Assistance programs