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New Bill Would Slash Wasteful Tax Breaks that Pad Big Oil’s Profits

Posted May. 26, 2010 / Posted by: Kelly Trout

For Immediate Release

Kelly Trout, 202-222-0722, ktrout@foe.org
Nick Berning, 202-222-0748, nberning@foe.org

New Bill Would Slash Wasteful Tax Breaks that Pad Big Oil’s Profits

Washington, D.C. — Senator Robert Menendez (D-N.J.) announced Monday that he is introducing legislation to end a variety of loopholes that let big oil corporations skirt paying billions in taxes each year. His bill, called the Close Big Oil Tax Loopholes Act, is co-sponsored by Senators Bill Nelson (D-Fla.) and Jeff Merkley (D-Ore.).

Friends of the Earth’s president, Erich Pica, had this statement in support of the bill:

“American taxpayers have been padding Big Oil’s record-breaking profits for way too long. Sen. Menendez’s bill would eliminate billions in wasteful handouts to Big Oil and move us closer to ending all of the taxpayer giveaways that corporate polluters enjoy.

“These giveaways are more than wasteful—they’re dangerous. Among the various loopholes Sen. Menendez’s bill would close is one that has let oil corporations drill in public waters in the Gulf of Mexico for free. Our tax code shouldn’t be promoting catastrophes like the oil rig explosion and spill that cost 11 lives and is wrecking Gulf Coast ecosystems and livelihoods.

“We have cleaner, safer alternatives to oil and with smart investments we can transition to an oil-free future. Ending handouts to big corporate polluters is a key step toward turning the door on dirty industries and building a 100 percent clean energy economy.”

More information on the Close Big Oil Tax Loopholes Act is available here: http://menendez.senate.gov/newsroom/press/release/?id=fdd03312-20d3-418d-bbcf-00f24edff261

For more information on the $33 billion in tax breaks, subsidies and other handouts that the oil and gas industry is set to receive by 2013, please see Friends of the Earth’s 2008 report here: http://www.foe.org/pdf/FoE_Oil_Giveaway_Analysis_2008.pdf

Friends of the Earth and our network of grassroots groups in 77 countries fight to create a more healthy, just world. Our current campaigns focus on clean energy and solutions to global warming, protecting people from toxic and new, potentially harmful technologies, and promoting smarter, low-pollution transportation alternatives.

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