On Monday, May 16, U.S. Senator Ben Cardin (D-MD) will hold a press conference calling for the passage of legislation that would end $4 billion a year in subsidies and tax breaks for the five biggest oil companies. The big five oil companies -- Exxon Mobil, Shell, Chevron, BP and Conoco Phillips -- made nearly $1 trillion in profits in the last decade, more than $35 billion of that in the first three months of this year.
As area gas prices top the $4 mark, Senator Cardin will call for passage of the Close Big Oil Tax Loophole Act, which would repeal tax loopholes to the five largest, most profitable oil companies in the world: BP, Exxon, Shell, Chevron, and ConocoPhillips. The savings realized by ending tax breaks and other subsidies would be used for deficit reduction. Last week Senator Cardin also signed a letter to the heads of the Big 5 oil companies “urging them to reject any more taxpayer subsidies” in light of their $1 trillion in profits over the last decade.
· WHAT: Senator Cardin to hold press conference to end $4 billion a year in subsidies for Big 5 oil companies
· WHEN: Monday, May 16 at 2 p.m.
· WHERE: Harbor Shell Station,
1712 Russell Street, Baltimore City