SHAHEEN JOINS SENATORS TO INTRODUCE LEGISLATION TO END TAX SUBSIDIES FOR “BIG 5” OIL COMPANIES

$21 Billion Recouped Over 10 Years will Go Toward Reducing the Deficit

May 10, 2011

(Washington, DC) – With the nation’s five largest oil companies taking home nearly $1 trillion in profits over the past decade, U.S. Senator Jeanne Shaheen (D-NH) joined a group of Democratic Senators today as an original co-sponsor of legislation that would end the unfair tax subsidies that benefit oil companies at the expense of taxpayers.

“At a time when we are focused on reducing our longterm deficits, and at a time when families are paying more than $4 per gallon at the pump, it makes no sense to give big oil companies exorbitant tax breaks that they clearly don’t need. It is unnecessary to subsidize one of the most profitable industries in history,” Shaheen said. “We must get serious about addressing our national debt and closing these loopholes will create billions in savings that can help reduce our deficit.”

The Close Big Oil Tax Loopholes Act will put an end to taxpayer handouts to the 5 largest oil companies making record profits and use the billions in savings to help reduce the deficit.

Press Contact

Press Office, (202) 224-5553