This past week, the oil industry reported soaring quarterly profits. Chevron and Exxon recorded quarterly profits of $5.3 billion and $9.25 billion, respectively.
Since the early 20th century, the federal government has offered special tax breaks for the production of oil and gas. In fact, the oil and gas industry has always been the biggest beneficiary of federal energy subsidies. Between 1950 and 2007, the oil and gas industry received more than $450 billion in federal subsidies, or 60 percent of all federal energy subsidies.
Despite this long-term support and record high oil prices, many members of congress are actually proposing to increase federal support for the oil and gas industry by creating new tax breaks and subsidies.
There is no reason we should be propping up the bloated oil industry, and taxpayers shouldn't be left to clean up the oil industry’s messes. Stand with us today in our efforts to end subsidies to Big Oil.
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