The executives of the five big oil companies will testify at a hearing today.
The gas prices are up well over $4 per gallon. The sudden price hikes are, reportedly, due to "speculations" and the Middle East unrest. The election is a very expensive ordeal. The Republicans, aka "Gas and Oil Party" are opposing the measures taken to cut subsides for the oil companies.
The five largest oil companies, despite the reported profit for the first quarter of $32.3 billion, are the beneficiaries of huge tax breaks such as the subsidies for oil drilling and manufacturing. Their sales could hit $200 billion this year for $4 per gallon gasoline prices. The Senate is to bring up the issue to end these subsides that implemented back in early last century.
While they get the subsides from the US government, the oil companies pay foreign governments huge sum of money, which will in turn reduce the amount of tax money they pay in this country. The so-called tax loophole cost us billions of dollars of the tax money when they talk of slashing spending on social security.
The speculation, which coincides with the election cycle, must end to lower the gas prices. The unfair subsides to oil companies must end to balance the budget. Let us hope the Senate will take back the tax payers' money which is now flowing to the oil companies' big pockets.
The gas prices are up well over $4 per gallon. The sudden price hikes are, reportedly, due to "speculations" and the Middle East unrest. The election is a very expensive ordeal. The Republicans, aka "Gas and Oil Party" are opposing the measures taken to cut subsides for the oil companies.
The five largest oil companies, despite the reported profit for the first quarter of $32.3 billion, are the beneficiaries of huge tax breaks such as the subsidies for oil drilling and manufacturing. Their sales could hit $200 billion this year for $4 per gallon gasoline prices. The Senate is to bring up the issue to end these subsides that implemented back in early last century.
While they get the subsides from the US government, the oil companies pay foreign governments huge sum of money, which will in turn reduce the amount of tax money they pay in this country. The so-called tax loophole cost us billions of dollars of the tax money when they talk of slashing spending on social security.
The speculation, which coincides with the election cycle, must end to lower the gas prices. The unfair subsides to oil companies must end to balance the budget. Let us hope the Senate will take back the tax payers' money which is now flowing to the oil companies' big pockets.