The Hill News

Noticeably absent from this week's debt ceiling deal between President Obama and Congressional Republicans were the billions in taxpayer subsidies Congress continues to dole out to Big Oil, despite overwhelming support among Americans to end these handouts and in the face of staggering oil company profits released last week. When it came to taking on Big Oil, Congress and the Obama administration blinked.
 
Cutting Medicare for low and middle-income seniors? On the table. Closing loopholes for profitable, multinational corporations? Not under discussion.
 
The world’s largest oil companies announced another round of billion dollar profits last week. BP made $5.6 billion. Shell got even more, with over $8 billion. And ExxonMobil’s profits were $10.7 billion â€" an astounding $117 million a day from April to June. Gas prices are still at record levels and everyday taxpayers are footing the bill for billions of dollars in wasteful subsidies these co! mpanies get every year. Big Oil is making big profitsâ€"and the American people are paying the price. In fact, we’re paying it twice â€" once when we fill up our tanks and once when we pay taxes.

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