Sunday, May 08, 2011

Cut $4 Billion inTax Breaks to Big Oil

ExxonMobil has reported 1st quarter profits of nearly $11 billion. Shell announced $6.9 billion in profits. BP earned over $5 billion during the first three months of the year.

Meanwhile Americans across the country are struggling with near-record prices at the pump. And do you know the worst part? While the Big Oil companies rake in obscene profits, they are also getting billions of dollars in taxpayer-funded subsidies.

Over the past decade, the big five oil companies -- BP, Chevron, ConocoPhillips, ExxonMobil and Shell have enjoyed more than $900 billion in profits.

At the same time, these oil companies benefit from more than $4 billion in special tax breaks every year. Why are we subsidizing one of the most profitable industries? Why does ExxonMobil get a tax break while we get stuck paying higher gas prices?
Tell Congress: It’s time to end Big Oil handouts. Click here to add your name to the petition.

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