Sen. Carper Votes to Debate Bill to End Tax Subsidies for Big Oil and Gas Companies, Use Savings for Deficit Reduction

WASHINGTON – Today, Sen. Tom Carper (D-Del.) released the following statement after his vote in favor of the motion to proceed to debate the Close Big Oil Tax Loopholes Act (S. 940):  

“As we face the current economic reality, government leaders have to make hard choices to cut our massive federal deficit, including cutting spending. American families and small businesses are having to doing more with less, particularly as they feel the pinch of rising gas prices. Given that reality, it only seems fair to ask companies, like big oil and gas companies, that are clearly succeeding even in this challenging economy to forgo some of these taxpayer subsidies that we can no longer afford for the greater good of the country.  

“As we work to cut our federal debt, we need to take a hard look at all of our domestic programs, our defense programs, entitlement programs, tax expenditures and ask, ‘is there a way we can get better results for less money?’ At the same time, we need to be honest with ourselves about the true costs — to our economy, our health, our environment, and our national security – of our addiction to oil. Energy companies –including oil and gas – must be part of the effort to move us away from fossil fuels, to move us toward sources of energy that aren’t as harmful to public health as oil and gas. We need their help to enable us to come up with new technologies and products that we can manufacture here, stamped “Made in the USA” and sell them around the world.  

“I believe the only way we can solve our nation’s fiscal crisis is if we work and sacrifice together to reduce our nation’s debt. To do that, we have to put everything on the table, from defense programs to tax expenditures, and come up with a responsible, balanced plan that will grow the economy and keep America strong.”