Big Oil: What's Good for Us Is Good for You
What’s good for Big Oil is good for America.
Or at least that’s the message from Big Oil this week, as five major oil companies prepare to unveil quarterly earnings numbers that are expected to show major profits at a time when Americans are facing rising gas prices at the pump.
But the Obama administration has another take: If the oil companies are doing so well, maybe they ought to give up about $44 billion worth of federal subsidies over the next ten years.
President Obama ratcheted up his push Tuesday with a letter to Republican and Democratic congressional leaders asking them to remove the subsidies.
"Our outdated tax laws currently provide the oil and gas industry more than $4 billion per year in these subsidies, even though oil prices are high and the industry is projected to report outsized profits this quarter," Obama said.
American Petroleum Institute