Kerry, McDermott: Big Oil Walking Away with $700 Million in Taxpayer Money

[kerrygoddess]

Kerry, McDermott: Big Oil Walking Away with $700 Million in Taxpayer Money Every Year
May 15th, 2006 @ 12:21 pm

New revenue data from the independent congressional Joint Committee on Taxation, JCT, requested by Senator John Kerry (D-Mass.) and Rep. Jim McDermott (D-Wash.), show a gusher of subsidies- as much as $700 million every year- is flowing to oil and natural gas companies at the expense of U.S. taxpayers, because of an unearned and necessary windfall given away by the Republican majority. The price tag exceeds $5 billion over ten years – at least $1.4 billion more than previous estimates.

Rep. Jim McDermott said: “Big Oil is winning a multi-million dollar lottery every day of the week, every day of the year, because the game has been rigged by a Republican Congress and President. Big Oil does not deserve the multi-billion dollar tax subsidy, but Republicans gave it to them, anyway.”

“It’s clear every time people fill up at the pump that the Bush energy policy is not working. The fact that American taxpayers have to give away more money to oil companies as their profits increase is absurd – it’s like a kick in the stomach on top of a $60 tank of gas,” said John Kerry.

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