Thank God (or the FSM if you so desire) for elections. Because we still have elections, Dems still figure out how to be on the right side of an issue every once in a while.
Today, Members of Congress have a simple choice to make. They can stand with big oil companies, or they can stand with the American people.
Right now, the biggest oil companies are raking in record profits—profits that go up every time folks like these pull into a gas station. But on top of these record profits, oil companies are also getting billions a year in taxpayer subsidies—a subsidy they’ve enjoyed year after year for the last century.
Think about that. It’s like hitting the American people twice. You’re already paying a premium at the pump right now. And on top of that, Congress thinks it’s a good idea to send billions more of your tax dollars to the oil industry?
It’s not like these are companies that can’t stand on their own. Last year, the three biggest U.S. oil companies took home more than $80 billion in profit. Exxon pocketed nearly $4.7 million every hour. And when the price of oil goes up, prices at the pump go up, and so do these companies’ profits. In fact, one analysis shows that every time gas goes up by a penny, these companies usually pocket another $200 million in quarterly profits. Meanwhile, these companies pay a lower tax rate than most other companies on their investments—partly because we’re giving them billions in tax giveaways every year.
In addition to the simple choice that is presented, I love the fact that Republicans are spoiling for this fight. The GOP is so hopped up on its own rhetoric, that they really believe that they can convince voters that oil companies need billions in taxpayer welfare.