[Congressional Record Volume 159, Number 22 (Tuesday, February 12, 2013)]
[Extensions of Remarks]
[Page E130]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         INTRODUCTION OF THE ``END BIG OIL TAX SUBSIDIES ACT''

                                 ______
                                 

                          HON. EARL BLUMENAUER

                               of oregon

                    in the house of representatives

                       Tuesday, February 12, 2013

  Mr. BLUMENAUER. Mr. Speaker, in the midst of budget turmoil, the 
upcoming debt ceiling limit, and looming sequestration cuts, I am 
introducing legislation that could save American taxpayers almost $40 
billion over the next 5 years.
  Right now, Americans are subsidizing some of the largest and most 
profitable companies in the world with their tax dollars. Taxpayers 
currently subsidize oil injection, extraction, exploration, drilling, 
injection, manufacturing, pricing, and inventory valuing, by offsetting 
foreign taxes, providing generous credits and deductions, and offering 
tax shelters.
  The ``End Big Oil Tax Subsidies Act,'' would end 10 of the most 
egregious tax loopholes enjoyed by the oil industry--tax loopholes that 
have helped BP, Chevron, ConocoPhillips, ExxonMobil and Shell make a 
combined profit of nearly $1 trillion over the past decade. The 
legislation is modeled on President Obama's proposal to eliminate oil 
and gas tax preferences in his FY 2013 Budget.
  Extremely profitable, well-established, large corporations do not 
need enormous subsidies from the government and we simply cannot afford 
to let them continue. It is well established in a global petroleum 
market that this subsidy has zero impact on reducing prices for 
American consumers. Instead of padding the bottom of oil companies, 
this money could be better spent renewing and rebuilding our nation's 
infrastructure. It could be used to stave off some of the most 
draconian cuts that families will face this spring if Congress does not 
act on sequestration. Finally, the resources could be redirected to 
level the playing field for emerging technologies like wind and solar.
  I hope my colleagues will join me in supporting this important 
legislation.

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