Oil companies face losing subsidies

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May 12, 2011

Oil companies face losing subsidies

Anonymous CNHI News Service The Democrat Thu May 12, 2011, 08:16 AM CDT

Washington, D.C. — Sen. Claire McCaskill, D-Mo., Thursday announced her support for legislation to end tax subsidies for the five largest multinational oil companies.

She said the bill, sponsored by congressional Democrats, would result in a savings of $2 billion annually for the federal government.

The measure targets Exxon, Mobil, BP, Conoco Phillips, Shell and Chevron. Collectively, said McCaskill, they made profits of $32.2 billion the first three months of this year.

An additional $2 billion in tax subsidies to smaller oil companies would not be affected.

“What this bill is about is whether or not we should be subsidizing these very profitable companies,” said McCaskill.

President Obama has lobbied Congress to support the legislation. Republican House Speaker John Boehner has said he's willing to consider cutting or reducing oil company subsidies.

---

Details for this story were provided by The Joplin (Mo.) Globe.

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