U.S. Senate Defeats Plan to Eliminate Billions of Dollars in Big Oil Tax Subsidies
Interview with Ben Schreiber, climate and energy tax analyst with Friends of the Earth, conducted by Melinda Tuhus
Last month, the U.S. Senate -- including three Democrats -- defeated a proposal by President Obama that would have eliminated tax breaks for the nation’s five largest oil companies: Exxon Mobil, BP, Chevron, Shell and Conoco-Phillips. Opponents asserted that the loss of federal subsidies would cost jobs. Obama and his allies had urged passage of the legislation, maintaining that while Big Oil is making record profits and Americans are paying around a gallon at the pump, they shouldn’t also be required to support these companies with their tax dollars.