Let’s cut off the subsidies to profitable oil companies


This is the same industry that fights safety inspections, complains about environmental safeguards critical to protecting wildlife refuges and community water supplies, pressures Congress to gut environmental laws and blocks attempts to ensure that the taxpaying public gets fair value through royalties when they exploit our public lands.

… In the first three months of the year, oil and gas companies have raked in billions in profits. Exxon Mobil led the pack, earning more than $10 billion in the quarter, followed closely by Shell with nearly $9 billion. BP, scarcely a year after being partly responsible for the worst oil spill disaster in U.S. history, made more than $7 billion in earnings, despite trying to hold back research money into how extensively the shellfish industry has been harmed by the spill.

…To add to the case against oil subsidies, look no further than Capitol Hill, where the ongoing budget battle is putting critical spending at risk. In that environment, where severe cuts to environmental protection programs, education and programs like Medicare are being threatened, there's no place for the oil industry giveaways that cost taxpayers $40 billion each decade.