Eric Massa - Massa Calls on Congress to end Big Oil tax handouts
Wednesday, June 11, 2008
For Immediate Release:
June,
11th 2008
Contact:
Jared Smith
(585)
760-4329
As gas prices
skyrocket, Massa calls on Congress to end
Big Oil tax
handouts
As American families
struggle to afford $4 per gallon at
the pump, Big Oil loyalists vote to continue
the corporate
welfare
CORNING, NY- As the Big Oil loyalists in Congress continue to argue on behalf of Exxon Mobil's record profits and against energy independence, Eric Massa has called for a responsible approach to our nation's energy future. As record profits continue to climb for the Oil Giants and the national average of a gallon of gas has surpassed $4.00, it is time for a windfall profits tax on Big Oil, not more spin and corporate handouts. Massa issued the following statement as Senate Republicans blocked the windfall profit tax for Big Oil:
"While Big Oil is making billion dollar profits, hardworking middle class families are struggling to afford skyrocketing gas prices – this simply cannot go on," said retired Navy Commander and Democratic candidate for Congress in New York’s 29th district, Eric Massa. “The Republican rubberstamps in Washington are sending a clear message to American families that they support Big Oil first and middle class families second. We need long term solutions to our country’s addiction to foreign oil. Drilling in Alaska will reduce the cost of gasoline by one penny over twenty years – clearly that will not help families struggling to pay at the pump. It's time to stop wasting our money on $400 million retirement bonuses for CEO's and start using it to break our addiction to foreign oil."
Background Information:
- The national average of gas in America is now at a record high of $4.04 per gallon. [http://www.fuelgaugereport.com].
o When President Bush took office in 2001, the average price of gas in New York was $1.43. According to AAA, the average price of gas in New York is $4.18 per gallon.
- In 2007 alone, Big Oil made record profits of $123 billion. [Center for American Progress]
o Since January 1, 2008 ExxonMobil has reported making $10.9 billion in first quarter earnings. [USA Today, 5/2/08]
- Drilling for oil in the ANWR Reserve is expected to save consumers just one penny per gallon of gas. [Earthtimes.com]