Senate Misses Opportunity to End Giveaway to Oil Industry

May 17, 2011

Statement from The Wilderness Society President William H. Meadows, on the Senate vote on S. 940, The Close Big Oil Tax Loopholes Act.  “Oil and gas companies are making record profits on the backs of American consumers, and still reaping billions of dollars in unnecessary subsidies from taxpayers as well.  With S. 940, the Senate could have signaled the beginning of the end of the the oil industry's habit of dipping into taxpayers' pockets every April 15th.

“Major oil companies have made tens of billions of dollars in profits in just the first quarter of 2011 alone – a clear sign that they do not need additional handouts from American taxpayers to further pad these profits.  BP, which was partly responsible for the worst oil spill in US history – a spill that is still having effects on the Gulf economy – posted earnings of more than $7 billion in three months; this is not the type of company that needs help from American taxpayers.

“Rather than handing out billions of dollars to companies that do not need it, we should be investing in energy efficiency, and clean energy sources like wind and solar that can provide America with clean, renewable power. The Senate did no favors today to the millions of Americans that are suffering from high prices at the pump, while continuing to underwrite the lavish bonuses and shoddy environmental records of the oil industry.”