WASHINGTON, DC – As oil companies announced massive profits today, gasoline prices are nearing a new record – dangerously slowing the nation’s economy by driving up the prices for everything from groceries to gas, pinching the budgets of everyday American families.
In light of a federal budget deficits and public anger over oil profits, the White House has announced it intends to work with Congress to cut the subsidies, tax breaks and publicly-financed giveaways that global oil companies receive.
Growth Energy CEO Tom Buis released the following statement:
“Profits are one thing, but when these companies are also raking in billions of dollars in federal subsidies all while Americans are suffering at the pump, something’s got to give. High oil prices are driving up gas prices, grocery prices – everything.
“Many Americans don’t realize that they are underwriting these profits in the form of tax breaks and subsidies. Speaker Boehner has opened the door to talking to President Obama about ending these needless giveaways to global oil companies and we encourage the House to follow their lead. At a minimum, we need to have congressional hearings.
“It’s time we end the handouts to big oil companies. It’s time we take what are the hidden costs and put them out in the sunlight – let’s see what it really costs the taxpayer for our addiction to foreign oil.”
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About Growth Energy
Growth Energy is a group committed to the promise of agriculture and growing America’s economy through cleaner, greener energy. Growth Energy members recognize America needs a new ethanol approach. Through smart policy reform and a proactive grassroots campaign, Growth Energy promotes reducing greenhouse gas emissions, expanding the use of ethanol in gasoline, decreasing our dependence on foreign oil, and creating American jobs at home. More information can be found at GrowthEnergy.org.