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DONNELLY CALLS FOR END TO TAXPAYER SUBSIDIES TO LARGEST OIL COMPANIES

May 17, 2011
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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.

Sincerely,

Joe Donnelly

Member of Congress

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One Response to “ DONNELLY CALLS FOR END TO TAXPAYER SUBSIDIES TO LARGEST OIL COMPANIES ”

  1. Thor on May 18, 2011 at 10:16 am

    Hey Joe,

    How about getting the government out of the business of picking ANY winners or loosers in American industry?

    Sure, cut the subsidies to the oil companies, and then the wind power companies, and the solar companies, and then get the EPA out of the way so we can produce our most viabale sources of energy.

    How about getting the nanny state to let us use the lightbulbs WE want to use? No quid pro quo for GE and thier LED light bulbs at $50 a pop.

    While you’re at it, why not get the federal government to leave our tax dollars in our pockets instead of taking them to DC and returning a pittance as some ‘community project’ for a photo op.