Senate Democrats

Reid: If GOP Is Serious About Reducing Deficit, Taxpayer-Funded Bonuses For Oil Companies Are An Easy Place To Start

‘Taxpayer giveaways to companies pulling in record profits are the epitome of wasteful spending.’

Washington, D.C.–Nevada Senator Harry Reid made the following remarks today on the Senate floor regarding tax giveaways for oil companies:

“As I speak, the heads of the five largest oil and gas companies in the world are testifying across the street.  With the country watching, these extremely wealthy CEOs of extremely profitable corporations are trying to explain to the Senate – and most importantly, to the American people – why they need taxpayer handouts.

“I don’t envy them.  It’s an impossible position to defend.

“Think about this: In just the first three months of this year, the oil industry made $36 billion in profits alone.  Not revenues – profits.  That’s $12 billion a month.  That’s $3 billion a week.  That’s pretty good money.