May 3: Kaptur Calls for Repeal of Tax Subsidies for Big Oil -- Urges Speaker to Schedule a Vote on Repeal

Congresswoman Marcy Kaptur is urging Speaker John Boehner to allow the House of Representatives to vote on eliminating tax breaks for oil and gas companies.

"Why should the taxpayer subsidize the same oil companies that are charging more than four dollars a gallon for gasoline?" said Congresswoman Kaptur.

Kaptur said six large, integrated oil companies have reported more than $34 billion in profits for the first quarter of the year. Their net income increased between 16% (BP) and 69% percent (Exxon) during the first three months, compared to the same period a year ago.

Meanwhile, gasoline prices in the Midwest have increased 28 percent in the past year, according to statistics from the U.S. Energy Information Administration, a federal agency.

"Congress cannot simply stand by and do nothing," said Kaptur. "The oil companies are not only causing pain at the pump, but also endangering our economic recovery.

"Just a few days ago, Speaker Boehner indicated he was open to vote on ending tax breaks for the giant oil companies. But something happened, and now's he backtracking.

"Oil company lobbyists are telling Speaker Boehner they can't afford to give up their tax breaks. He should listen to the American people instead. They would tell him they can't afford gasoline at four dollars a gallon or more.

"Speaker Boehner, let us vote."

Click on the icon below to watch Congresswoman Kaptur's floor speech on America's dependence on foreign oil.