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Big oil doesn't need taxpayer help

With Exxon-Mobil reporting first quarter profits of nearly $11 billion,  it is clear that the time has come to end taxpayer-funded subsidies for big oil companies.

House Budget Committee Chairman Paul Ryan recently expressed support for repealing oil subsidies.  President Obama also renewed his call for ending oil subsidies,  saying that in the face of federal budget cuts, "these tax giveaways aren’t right."

Subsidies for oil, coal and gas also prevent our nation from fully developing clean energy technology by helping to keep fossil fuels cheaper than wind, solar and other forms of renewable energy. In order to transition to clean energy – and reduce the greenhouse gas emissions causing climate change – we must level the playing field between clean and dirty energy. A good first step is to end taxpayer subsidies for fossil fuels.

Senator Robert Menendez of New Jersey has introduced legislation to end tax breaks for big oil companies that will save the federal government $33 billion over the next 10 years. It’s called “The Close Big Oil Tax Loopholes Act,” S. 258. Rep. Earl Blumenaur of Oregon has similar legislation in the House, “The End Big Oil Tax Subsidies Act.”

Senator, will you co-sponsor Sen. Menendez’ bill, S. 258, and help put an end to unnecessary giveaways to big oil companies?