House GOP refuses to cut subsidies for Big Oil

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The shiny new Republican majority in the U.S. House showed how serious it is about cutting unnecessary spending yesterday,  when the GOPers voted unanimously to keep on throwing away  billions on multinational oil corporations. Yes, you read that right. House GOPers voted unanimously (along with 13 Democrats) to continue big federal subsidies — no one seems to know exactly how big, but it's well into the billions per year — for big oil companies. As the House was working out a stopgap measure to prevent a government shutdown, Democrats proposed stripping the five biggest oil companies of all government subsidies. After all, Big Oil is swimming in record-busting profits — $77 billion in 2010 for the top five oil companies, despite BP losing money, and $952 billion over the last 10 years. Plus, with oil hovering around $100 per barrel, gas prices headed through the roof, and even the former Shell Oil CEO saying big oil companies don’t need subsidies anymore, surely the oily behemoths can manage without more taxpayer dollars, right? No, not if you’re a Republican in the House. Just thought you’d like to know who’s bending over the chair for Big Oil, even if it means putting that budget-cutting thing on hold. Hey, here’s an idea: take the subsidies to Big Oil and put them toward companies working on electric cars, solar collector effectiveness, or wind farms. Just a thought.

New BP / GOP logo. Thanks to Think Progress for the image.
  • New BP / GOP logo. Thanks to Think Progress for the image.

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