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Murray Cosponsors Bill to Halt Unfair Tax Handouts to Big Oil Companies

Press Release

Date: Aug. 4, 2015
Location: Washington, DC
Issues: Oil and Gas Taxes

Today, U.S. Senator Patty Murray (D-WA) cosponsored the Close Big Oil Tax Loopholes Act, which would repeal tax subsidies for the "Big 5" oil companies and raise about $22 billion in savings towards deficit reduction over ten years. The nation's five largest oil companies (BP, Exxon, Shell, Chevron, and ConocoPhillips) took home nearly $1 trillion in profits over the past decade, including $90 billion in 2014, with only a small percentage of those earnings going toward exploration and research. The Close Big Oil Tax Loopholes Act of 2015, introduced by Sen. Bob Menendez (D-NJ), would finally put an end to unfair taxpayer handouts to these highly profitable companies.

"It's far past time that we end these wasteful tax loopholes and giveaways to the hugely profitable big oil companies and put our middle class families first," Murray said. "We should be working toward an economy that grows from the middle out, not the top down--and this bill would help move us in that direction."


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