Globe: "We Support McCaskill’s Idea" to End Tax Giveaways for Big Oil
The federal government has a chance to cut $2 billion annually for the next decade by rescinding government subsidies to the five largest oil companies in the world, according to a bill sponsored by Sen. Claire McCaskill, D-Mo.
BP, Chevron, ConocoPhillips, Exxon and Shell reported profits of $32 billion in the first quarter alone. So we support McCaskill’s idea to get those subsidies back...
An Associated Press analysis suggests that the price of oil is so high that removing all of the tax breaks for oil productions (not just McCaskill’s targets) would barely have an effect on oil production.
This is not class warfare. This is not political. It’s not punishment for pain at the pump.
It’s a good, common-sense idea to help our ultimate goal of reducing government spending.
