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McCaskill: We Can No Longer Afford Giveaways to Oil Companies

Senator signs on to support legislation to end tax breaks for oil and gas companies

May 10, 2011

WASHINGTON, D.C. – With gas prices on the rise and federal budget concerns looming, U.S. Senator Claire McCaskill today announced her support for legislation that would help address our fiscal crisis by clawing back tax giveaways to the most profitable companies in the world. The bill, which would end certain tax breaks for oil and gas companies is projected to save between $15 and 20 billion in taxpayer dollars.

“If we are going to get serious about addressing our national debt,  we can no longer afford to keep giving away taxpayer's money to the most profitable companies in the world. There are going to be some tough decisions when it comes to cutting back, but I hope we can agree that our government writing checks to oil and gas companies with tax dollars should be on the chopping block,” McCaskill said.

The legislation, introduced today by Senate Democrats, will close tax loopholes for oil companies, which are some of the most profitable companies in the world. In the first three months of 2011 alone, the five largest oil companies (Exxon Mobil, BP, Conoco Phillips, Shell, and Chevron) made $32.2 billion in profit, while Missourians pay near record prices at the pump.  Meanwhile, oil companies are pocketing billions of dollars per year in giveaways from taxpayers, amounting to a total of more than $40 billion over the past decade.

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