Keating Targets Bonuses of Oil and Gas Company Execs

Statement

Today, Rep. Bill Keating introduced another amendment aimed at holding big oil and gas companies accountable. The amendment was on HR 1231, Reversing President Obama's Offshore Moratorium Act, which opens up drilling three miles off the coast of Massachusetts. The Keating Amendment would require a company wishing to secure an offshore drilling lease to disclose how much it gave out in executive bonuses for this past quarter, which showed record profits for these companies.

Said Rep. Keating:

"The Republican majority's marriage to Big Oil and Gas is appalling, especially at a time when middle class families are being burdened by rising energy coasts.

"Two months ago, I introduced an amendment to end subsidies to Big Oil, and not one Republican Member supported it even though ending those subsidies would have saved our country approximately $43 billion over the next ten years.

"Today, I introduced an amendment that would merely require the companies that want to drill offshore to disclose their executive bonuses for last quarter. Apparently, Republicans found this to be too intrusive; yet they think nothing of proposing a bill that will allow drilling three miles off the coast of this country. I can assure you that my constituents on Massachusetts' South Shore, Cape and Islands will find that drilling to be too intrusive. But why would the majority care about what they or other coastal residents think?

"The Republicans voted seven times -- not including today -- against holding Big Oil accountable, even when it would save over $43 billion in federal spending. They are not the party of cutting federal spending; they are the party of cutting assistance to seniors, children and the poor."

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