For years, Big Oil – Exxon-Mobil, Chevron, BP, Texaco, and ConocoPhillips – has raked in record profits. But their dividend to consumers is usually the same: higher gas prices that make it more difficult to get to work, shop for groceries or drop the kids off at school.
Americans may be used to getting gouged at the pump – but we don’t deserve to get gouged in Congress too. Yet that’s exactly what happens when those big oil companies collect billions in tax breaks on our dime.
Over the next ten years, Big Oil will swindle American taxpayers to the tune of nearly $43 billion in unnecessary tax subsidies – claiming the breaks are needed to increase domestic oil production. Despite these outrageous tax loopholes, domestic oil production has decreased steadily since 1970. Meanwhile, our continued dependence on foreign oil puts the country at a national security risk.
I’m pleased to hear the recent drumbeat in Washington to eliminate oil subsidies, and I support these efforts. But closing these tax loopholes alone won’t end America’s need for affordable energy any time soon. That’s why I’ve put forward a commonsense plan to not only end the shameless handouts to Big Oil CEOs and Wall Street speculators, but also to address America’s ever-growing need for energy – all while creating good-paying jobs right here in Iowa.
The Clean Energy Jobs Act, which I introduced earlier this week, will end the unnecessary giveaways to Big Oil and provide incentives for renewable fuel producers to expand business and develop new technologies. Just as important, it will reduce our national deficit by billions.Continue Reading...