Tell Congress to Stop Spending Billions of Taxpayer Dollars to Subsidize Obscenely Profitable Oil Companies.
In 2007, oil companies received $9 billion in government subsidies, considerably more than the $5.8 billion spent on all federal renewable energy and energy conservation programs. A plethora of valid arguments against this inappropriate use of taxpayer money exists, the most compelling of which is this: Back in 2005, when oil was only $55 per barrel, oil executives told Congress that govenment subsidies were unnecessary.
In testimony before a joint hearing of the Senate Committees on Commerce, Science, and Transportation and Energy and Natural Resources, Oregon Sen. Ron Wyden asked executives from ExxonMobil, BP, Shell, ChevronTexaco and ConocoPhillips if they agreed that the high price of oil made incentives for exploration unnecessary. All five executives, with combined 2005 compensation packages nearing $100 million, concurred with the Senator.
Today, oil is worth more than two times as much as it was then, making the argument against subsidizing oil exploration even stronger. Tell your Senators to stop subsidizing big oil with taxpayer dollars; the money could be better spent on investments in renewable energy and energy efficiency needed to combat climate change.