the Progress Report: What side of BIG OIL is your Senator on ?

Will Your Senator Side With Big Oil?

By ThinkProgress War Room

It’s Time to End Tax Giveaways to Big Oil

On the same day that House Republicans are likely to pass their Medicare-ending, taxes on the wealthy-slashing budget, tomorrow the Senate will vote on a bill sponsored by Sen. Robert Menendez (D-NJ) that will eliminate nearly $24 BILLION in tax giveaways to the five largest oil companies. That’s $24 BILLION of taxpayer money shoveled to the same five largest oil companies that racked up an astounding $137 BILLION in profits in 2011 alone — a 75 percent increase over 2010.

Instead of a wasteful giveaway to Big Oil, this bill would devote some of our scarce resources to extending important clean energy programs and tax breaks for consumers.

FAST FACT: For every penny more consumers pay at the pump increases Big Oil profits by another $200 MILLION. Think about that the next time you fill up your tank.

Here’s some charts to put all of this in perspective.

profits vs. cash assets
It’s also worth noting that in addition to making obscene profits off the backs of American consumers, Big Oil is using tens of billions of dollars a year to buy back its own stock — enriching a small number oil executives and Americans at the expense of the rest of us.

Big Oil helps itself

INQUIRING MINDS WANT TO KNOW: Tomorrow, will your Senator side with Big Oil or choose American consumers and clean energy?

Evening Brief: Important Stories That You May Have Missed

John Boehner admits that the economy is recovering.

Mitt Romney recounted the “humorous” tale of the time his father closed a factory in Michigan.

Making “The Pill” widely available has helped close the gender wage gap.

House Republicans advance bill that would slash taxes for Oprah, Donald Trump, and Mitt Romney’s billionaire sports team-owning friends.

Top Republicans made their picks for the U.S. Commission on International Religious Freedom, but those picks are most notable for their roles in restricting others’ freedoms and fear-mongering about religion.

A right-wing group in Tennessee is pushing a bill it authored that would restrict the number of visas for immigrants — not illegal immigrants, but all immigrants.

Want to see Members of Congress run? Ask them what they think about them and their colleagues forgoing big lobbyist bucks by voluntarily pledging to not decamp to K Street after Congress.

It’s hard to find the right words to get Republicans behind the individual mandate. But Mitt Romney already did.

While speaking in honor of Trayvon Martin, Rep. Bobby Rush (D-IL) was removed from the floor of the House of Representatives today for wearing a hoodie.

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