Gasoline is expensive, but don’t tell that to Big Oil.
They love the profits from $4 gasoline. Every time the price at the pump goes up another penny, Big Oil increases its profits by $200 million. The oil industry made over $137 billion in profits last year from American’s pain at the pump – and made more than $1 TRILLION in the last 10 years. Annual production is at its highest in 8 years, and even that hasn’t had any effect on prices at the pump. Here’s how the oil companies do it:
- EXPORTING OUR INDEPENDENCE: The oil industry has increased the export of gasoline from the United States by 200 percent in the last 5 years.
- SUBSIDIES AND TAX BREAKS: The oil industry gets at least $4 billion in unnecessary taxpayer subsidies and tax breaks every year.
- SPECULATION RAMPANT: Despite the high supply, Wall Street speculators drive up the price by making huge bets on future prices, all to the benefit of Big Oil. .
- HOARDING: Big Oil has leased 38 million acres of American land -- but more than 2/3 of their leases (26 million acres) are inactive! Furthermore, more than 7,000 drilling permits are going unused. The only thing keeping Big Oil from drilling is Big Oil.
When it comes to protecting American wallets from gasoline price spikes, breaking free of Big Oil is the only solution. Here’s what we can do to achieve real energy independence:
- KEEP AMERICAN OIL AND GAS IN AMERICA: Big Oil is trying to keep prices at the pump high by manipulating domestic supply and shipping American gasoline overseas – stop the export of US gasoline!
- END THE HANDOUTS: Eliminate the $4 billion in annual tax breaks and subsidies wasted on the oil industry to alternatives such as hybrids and all-electric vehicle technology.
- SUPPORT FUEL EFFICIENCY: After 25 years of inaction, we are now on a course to double auto fuel economy by 2025, saving the typical family more than $8,000 at the pump over time.
- FIGHT FOR SAFETY AND ENVIRONMENT: Big Oil wishes we would forget the BP catastrophe – a huge job-killer and the largest domestic oil spill in our history, all from a single well. Never forget. Insist on safety, insist on environmental protection, and protect our land for future generations.