End the Big Oil Bailout Now‏-Exxon Mobil =$9.5 billion in first quarter of 2012, why do we subsidize this industry?

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    May 01, 2012 7:12 PM GMT
    Exxon Mobil just announced $9.5 billion in net profits for the first quarter of 2012.1 This is the most profitable industry in the world, and yet every year, we give out billions in taxpayer subsidies so they can continue to pollute our air and gouge us at the gas pump.


    The GOP received 93% of Big Oil's corporate campaign contributions, so it's no surprise they refuse to make Big Oil pay their fair share.2 Instead, they insist on slashing funding for our schools, infrastructure and communities.


    Don't let Big Oil's donations have the loudest voice in Congress. Let's end the Big Oil bailout now.

    

In fact, earlier last month Senate Republicans once again chose to stand with the 1% by filibustering Sen. Menendez’s (D-NJ) bipartisan legislation to repeal $24 billion in taxpayer handouts for the 5 largest oil companies—a small chunk of change to Big Oil that could be a huge investment in the 99% of working families.3

    It’s time to tell Congress to stand with the 99% -- not the 1%.



    Why the hell keep the $24 billion in subsidies to Big Oil ?

    Most Americans, regardless of their political views, strongly favor ending these subsidies. Congress, stuffed with campaign donations from fossil fuel companies, is ignoring the will of the people. Speak up and tell them this has got to stop.

    As Senator Menendez said recently, “This debate is pretty simple. It’s about whose side you’re on. You’re either on the side of Big Oil companies making record profits, or the side of middle class American families who can’t afford the price at the pumps. Is it any wonder Koch bro's spend so much against change ?

    $24 Billion in subsidies should be going to pay down the debt or being spent on US infrastructure, not the big oil industry that are plenty able to stand on their own.
  • GQjock

    Posts: 11649

    May 01, 2012 8:10 PM GMT
    southbeach1500 saidEnd the Big Oil Bailout Now‏-Exxon Mobil =$9.5 billion in first quarter of 2012, why do we subsidize this industry?

    We don't.

    Next question.


    Errr ... Yeah .... We Do icon_confused.gif
  • Posted by a hidden member.
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    May 01, 2012 8:10 PM GMT
    southbeach1500 saidEnd the Big Oil Bailout Now‏-Exxon Mobil =$9.5 billion in first quarter of 2012, why do we subsidize this industry?

    We don't.

    Next question.




    LOL !!! what is this SB a play on words ? you don't like the word subsidy ? Big oil is granted 'exploration' deductions and the like which amounts to subsidy. Do you have proof that Big Oil isn't favored by verious deductions that amount to subsidies ?.
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    May 01, 2012 8:32 PM GMT
    Enjoy this:

    "From 1918 to 2009, the average annual subsidy was $4.86 billion. By comparison, the nuclear energy industry gets around $3.5 billion per year.

    When the study adjusted for inflation to 2009 dollars, the oil and gas industry received subsidies amounting to $1.8 billion per year in the first 15 years of the fledgling industry. The American Coalition for Ethanol estimates that when combined with state and local government aid to large oil companies, subsidies amount to anywhere from $133.8 billion to $280.8 billion annually from all sources of taxpayer aid that goes to the oil and gas industry."

    http://news.yahoo.com/history-u-oil-subsidies-back-nearly-century-215500548.html