Washington, D.C. – Oregon’s Senator Jeff Merkley released the following statement after the Senate voted Tuesday against initiating debate on a bill to end tax giveaways to Big Oil companies:
“The current tax subsidies for the oil industry were put in place when the price of oil was $17 a barrel. Times have changed – the price of a barrel has jumped to around $100 and the most profitable Big Oil companies are pulling in $5 million in profits every hour. They don’t need additional taxpayer giveaways to stay afloat.
“Today, the U.S. Senate had an opportunity to debate whether American taxpayers should continue reaching into their pockets to hand over $2 billion per year to Big Oil. America is facing tough choices about tax fairness and reducing deficits. These are serious issues that deserve a full debate and that’s why I’m disappointed that this vote failed tonight.”