05/18/11 Tuesday, Congressman Joe Donnelly sent a letter to House Speaker John Boehner asking him to schedule a vote on legislation that would eliminate taxpayer subsidies to the largest oil companies.
“At a time when Hoosier families are struggling to fill up their tanks, oil companies are reaping tens of billions of dollars in profits,” said Donnelly. “The taxpayer subsidies these oil companies currently receive are unnecessary and costing taxpayers billions while they are facing $4 per-gallon gasoline. Tax breaks for the largest oil companies need to be eliminated.”
Text of the letter follows:
May 17, 2011
The Honorable John Boehner
Speaker of the House of Representatives
Washington, D.C. 20515
Dear Speaker Boehner:
I am writing in support of repealing taxpayer subsidies for the largest oil companies.
While families struggle to fill their tanks with $4-per-gallon gasoline to get to and from work and the grocery store, oil companies are reaping tens of billions of dollars in profits. In the first quarter of 2011 alone, the largest five oil companies earned a $35 billion profit.
With this in mind, I urge you to hold a vote in the House of Representatives on legislation that would repeal subsidies for the largest oil companies. As long as oil reserves are present and available in American territory, oil companies will drill with or without taxpayer support. The lack of need for continued federal subsidization of big oil companies is underscored by oil prices hovering around $100 per barrel.
Additionally, the timing for ending taxpayer subsidies for the largest oil companies could not be better. As Congress considers significant cuts to reduce government spending, the annual savings from a repeal could be used to reduce the deficit.
Thank you for your consideration.
Member of Congress