End Taxpayer Subsidies of Big Oil

Democratic Leader Nancy Pelosi spoke on the House floor today on a procedural motion to allow the consideration of H.R. 1689, the Big Oil Welfare Repeal Act of 2011, which ends one of the most egregious tax breaks for Big Oil.

"Mr. Speaker, right now, across the country, families, workers, and small businesses are feeling the pain of the price at the pump.

"Yet today, Republicans have brought to the floor another 'Drill Only' bill that will not bring down prices at the pump. It's a boon to Big Oil that would make another catastrophic oil spill more likely.

"Instead of more giveaways to Big Oil, this morning, Democrats are calling on Republicans to allow us to vote on bill that ends one of the most egregious tax breaks for Big Oil.

"I'd like to acknowledge the leadership of Congressman Tim Bishop in bringing this legislation to the floor.

"It's long past time to turn off the spigot of public funds flowing to Big Oil.

"Just last week, Exxon Mobil reported $10.7 billion in profits during the first quarter of 2011, a 69 percent jump from last year. In fact, this quarter marks some of the largest oil profits since 2008.

"So I rise to ask my colleagues today: should the American taxpayers continue to subsidize Big Oil's profits?

"Democrats say no. Let's take action today.

Category:

News & Politics

Tags:

• Nancy Pelosi
• Congress
• Big Oil
• Subsidies
• Democrats

[judyleasugar97]

@earlyhemibill: Republicans are demons. They are lackeys for evil. Gasoline is high because of Wall street speculation. The chairman of Exxon Mobil even admitted this!

That is their game now. To tie the survival of the middle class to the continued obscene livelihood of the super rich. I don't buy it. We need lawmakers who are gutsy, people like FDR who will stand up to these people. Otherwise we are returning to neo feudalism, and if you think life is miserable now just wait till then.

[earlyhemibill]

@judyleasugar97 The Democrats are very good at demonizing republicans on the oil-tax issue. The government doesn't send a check each year to big oil. It does lower the tax on it. If you raise taxes on oil or anything else, it does nothing but raise the end price to the consumer. No company pays taxes, only it's customers do. As far as oil profits, if you comfiscate those supposed excess profits, you only hurt people who have 401Ks and other retirement accounts there.

[judyleasugar97]

The Republicans just get worse and worse. This dispicable plan by Ryan. And they go on and on about cutting the deficit but they won't cut subsidies to big oil? What is going on???

[tnguyen318]

Nancy Pelosi and the other Representatives rests in Washington before flying back to their State. She slept across the street at the United Nations Plaza Hotel. She ate breakfast on the 1st Floor Lobby before conjoining the session. 

[judyleasugar97]

Please please, let's end the CORPORATE welfare. Exxon Mobil is the real welfare queen. No word about this and yet Tea baggers want to cut heating oil for the poor elderly?

[dakotahnova]

I love her

[2011aviator]

Republicans have messed this country up!!!!

[atay0920]

Great idea. This has my support. 

[AndrewScottRiley]

"Election's shouldn't matter as much as they do" -Nancy Pelosi, Stalin in High-Heels

Must you hear any more from this moron?

[jjrglobal]

@DungeonSF

If you would take the time to read the tax code, the part that Nancy is using as what she calls a subsidy, you would see that I am correct. How can anyone with an once of honesty actually think Nancy isn't a liar, thats all she does, she's a politician for gods sake. Now go back to playing D and D and leave the grown ups alone