Reed Seeks to Eliminate Wasteful Subsidies for Big Oil Companies

Press Release

In an effort to get big oil companies to pay their fair share of U.S. taxes, U.S. Senator Jack Reed (D-RI) today joined with Senator Robert Menendez (D-NJ) and several of their colleagues in introducing legislation that would repeal the enormous subsidies that are now granted to highly-profitable oil companies through tax loopholes and tax breaks. By repealing tax subsidies for the five largest oil companies (BP, Exxon, Shell, Chevron, and ConocoPhillips), this legislation would produce an estimated $22 billion in savings towards deficit reduction over ten years.

"These subsidies aren't targeted tax cuts, they are massive corporate giveaways to big oil companies," said Reed. "We need to take common sense steps to make sure that federal funds are used wisely. Getting rid of these kinds of enormous taxpayer-funded subsidies will save the country billions of dollars. At a time when some are unwisely talking about cutting college aid for middle class families and threatening investments in job creation, I'd rather make sure that we eliminate unnecessary expenditures."

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