You and your fellow Americans have seen what it's like to pay oil companies more than $4 per gallon at the pump this spring.
But imagine paying them another $2,000,000,000 on top of those sky-high pump prices. What would that be like?
You actually know what that's like too, because that's the amount taxpayers subsidize Big Oil every year. It's outrageous, and it hurts people. And I'm determined to do something about it.
This week, I helped introduce the Close Big Oil Tax Loopholes Act in the Senate, which will take away $2 billion in annual subsidies American taxpayers hand to the most profitable corporations in the world -- the big oil companies.
The top five multi-national oil companies don't need that money. Over the last 10 years, they've raked in nearly $1 trillion in profits. They've broken their own records for the most profitable quarter in economic history several times over.
We're going to face a lot of resistance when we try to take a few billion dollars in free taxpayer money away from them. That kind of money buys a lot of power in Washington, and Big Oil will do everything it can to keep its outrageous taxpayer subsidies.
We need to shine a light on them. Even the most bought-and-paid-for legislators know they need some protection from the public eye if they're going to stop a bill this popular.
Help build citizen support for taking away oil company subsidies and shine a light on the legislators hoping to stop it in secret -- sign my petition today.
The oil companies say eliminating their subsidies will impact prices, which is a disingenuous distraction. Just check the sign at your local gas station to see if these subsidies are keeping your gas cheap -- maybe that money goes toward padding the wallets of oil company executives and stockholders instead.
We need to stop throwing our money away on these subsidies to giant oil companies, especially at a time when they're gouging us at the pump and we need every penny we can get to reduce the deficit and thereby preserve important programs.
As we push to 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 decisions we make.