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Repeal Tax Breaks for Oil Companies

By Senator Joe Biden  Posted by Rob Kall (about the submitter)     Permalink
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It is time for President Bush and Vice President Cheney to get tough with their big oil friends. Last year, they gave them $2.6 billion dollars in oil and gas tax breaks in the energy bill. Guess what? It turns out they don't need them.

I know - because I asked them.

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The CEOs of the six largest oil and gas companies came in to testify before the Senate Judiciary Committee last month.

So I asked them, under oath: Do you need these tax breaks? And they said: No. Each one agreed. No. They don't need them.

I have a simple, common sense proposal. Let's repeal them. Let's do it immediately. Let's not give them billions in tax breaks that they clearly don't need. It is a waste of taxpayers' money.

This is a nonpartisan, no-brainer decision. We have the word of the oil companies themselves - they don't need them.

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Thank you,
Joe Biden
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