In the face of HUGE profits made by Big Oil it is time to stop subsidizing them with taxpayer money NOW. The American people are suffering. The Big Oil firms and their extremely wealthy executives are not. With the deficits left over from the Bush/Cheney Administration still harming our nation, the easiest way to cut back wasteful government spending would be to stop subsidizing immensely profitable Big Oil Corporations.
Americans are spending nearly $3 billion more on gasoline due to higher gasoline prices. And taxpayers are spending billions of dollars in tax subsidies to Big Oil. These subsidies will cost the U.S. government about $3 billion next year in lost revenue and nearly $20 billion over the next five years. The next dollars we spend should go to companies that provide genuinely clean and safe fuel. The costs are too high.
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