Sen. Stabenow, Colleagues Target Oil CEOs 5-12-2011 - WNEM TV 5

Sen. Stabenow, Colleagues Target Oil CEOs 5-12-2011

Sen. Debbie Stabenow and four other Democratic Senators sent a letter to the CEOs of the Big Five oil companies urging them to admit that they no longer need taxpayer-funded subsidies.
The heads of the country’s five largest oil companies are scheduled to testify Friday before the Finance Committee.
Sen. Stabenow and her colleagues held a news conference Thursday at a gas station near the Capitol to announce their letter.
With oil at more than $100 a barrel, these five companies make $2.8 billion a week in profits while taking home billions a year in subsidies, according to a news release.
“We have families that are paying as much for gasoline at the pump as they are paying for their groceries to put food on the table,” said Stabenow. “Adding insult to injury, the top five oil companies with the highest profits ever are also receiving taxpayer subsidies.”
In the letter, the Senators wrote, “we urge you to take this opportunity to publicly admit that, given your companies' prodigious profits, you no longer need taxpayer subsidies. We hope you will do the right thing for our country's fiscal health and endorse their discontinuation.
“We are sure you will agree that our nation’s mounting debt is a serious threat to our recovering economy. But if we are truly serious about cutting our deficit, it is imperative that we start by getting rid of wasteful and ineffective corporate subsidies that have outlived their usefulness…. While families across the country are being squeezed, your industry is doing better than ever. And yet the U.S. government continues to dole out $4 billion a year in tax breaks to your companies. These subsidies are not sustainable, and we intend to end them.”
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