Revoke Big Oil's allowance

From: Senator Claire McCaskill

Sent: May 17, 2011 12:02 PM

Subject: Revoke Big Oil's allowance

		Dear Daniel, There is more hot air around the United States Capitol about deficit reduction than about any other topic right now. If we cannot end subsidies to the five most profitable corporations in the history of our planet, then I don’t know how Congress will make the truly difficult decisions about how to reduce the deficit. Every year, billions of our tax dollars are given away to companies that made $36 billion in profits during this year's first quarter alone. It’s a practice that must stop. That money could be used to pay down our deficit. A proposal I announced last week will take away $2 billion in annual taxpayer-provided subsidies from the five biggest oil companies and apply every dime to reducing the deficit. It is the essence of low-hanging fruit. This is the kind of idea that should receive unanimous support in the Senate. It’s common sense. The big oil companies don’t need the money. Over the last ten years, they've raked in nearly $1 trillion – that’s $1,000,000,000,000 -- in profits. They've broken their own records for the most profitable quarter in economic history several times. Big oil companies are not hurting, but Missourians are. While you pay record prices at the pump, you shouldn't be forced to also provide subsidies to an industry that clearly doesn’t need them. As we address our national deficit this year, there are going to be a lot of tough decisions about how to close gaps wherever we can. Taxpayer-funded handouts to oil companies should be one of the easiest cuts we make. All the best,
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