Menendez Launches On-Line STOP Watch To Track Total Taxpayer Dollars To Big Oil In Wasteful Subsidies
Launch marks second anniversary of the introduction of Menendez’s bill to end taxpayer handouts
May 24, 2012
Washington - On the second anniversary of the introduction of the Close Big Oil Tax Loopholes Act to end wasteful taxpayer subsidies to the Big 5 Oil companies, U.S. Senator Robert Menendez (D-NJ) today launched a “STOP Watch” (Stop Taxpayer Oil Payouts) on his website which tracks -- second-by-second -- the total cost to taxpayers due to Congress’ failure to pass his legislation.
“For two years I have been fighting to end taxpayer handouts to Big Oil and each day that we fail to act is costing American families dearly,” said Menendez. “In fact, while Americans are paying nearly $4.00 for a gallon of gas, the Big 5 oil companies are raking in more than $76 dollars -- a- second – in wasteful taxpayer subsidies. It’s time to stop the insanity once and for all.”
Menendez introduced the Close Big Oil Tax Loopholes Act on May 24, 2010. Since that day, the Big 5 most profitable oil companies have received $4.8 billion in taxpayer subsidies, while making record profits. Last year alone, the Big 5 made $137 billion in profits on the backs of American drivers.
Twice, a bipartisan majority of the Senate voted for the bill to end these handouts and twice a Republican-led filibuster stopped its passage.
The Stop Taxpayer Oil Payouts (STOP) Watch will track the total amount of taxpayer subsidies paid to the Big 5. Each day Congress fails to act on the Menendez bill increases the total cost to taxpayers of subsidies paid to the Big 5 by over $6.5 million. By the end of 2020, the cost to taxpayers will be $24 billion.
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