[Congressional Record (Bound Edition), Volume 157 (2011), Part 5]
[House]
[Page 6627]
[From the U.S. Government Publishing Office, www.gpo.gov]




                       BIG OIL WELFARE REPEAL ACT

  (Mr. YARMUTH asked and was given permission to address the House for 
1 minute.)
  Mr. YARMUTH. Madam Speaker, with gas prices in my district in 
Louisville, Kentucky hitting $4, as they are all over the country, 
ExxonMobil just reported earnings of $10.7 billion for the quarter, 
almost 70 percent higher than last year. BP, Conoco, Shell, and Chevron 
already reported huge increases in profits. And we are still giving 
them taxpayer-financed subsidies.
  Last week, the chairman of the Budget Committee said he thinks we 
ought to do away with these subsidies. And yet, he and the rest of the 
Republican majority are pushing a budget that not only sustains those 
giveaways to oil companies, but also would lower taxes for 
billionaires, all at the expense of our seniors, our students and our 
struggling families who are paying that $4 a gallon all over the 
country.
  We ought to do away with these subsidies, and the Democrats have 
introduced the Big Oil Welfare Repeal Act to do just that. If we are 
serious about deficit reduction and equity in this country and 
fairness, we will pass the Big Oil Welfare Repeal Act, and we will help 
to begin to return this country to having an economy that works for 
everybody, and not just for ExxonMobil.

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