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Sen. Cardin pushes to end tax breaks for oil companies

Sen. Benjamin Cardin is pushing for an end of $4 billion a year in subsidies and tax breaks for the five biggest oil companies.

Maryland Attorney General Doug Gansler will join Cardin on Monday at a news conference in Baltimore.

The Democratic senator is backing legislation that would end subsidies for Exxon Mobil, Shell, Chevron, BP and Conoco Phillips. Cardin says the savings from ending the tax breaks would be used for deficit reduction.

Cardin also has sent a letter to the heads of the five companies, urging them to reject any more taxpayer subsidies.

5 comments

  1. SYLVAN FINKELSTEIN

    GOOD LUCK WITH THIS

  2. Big challenge because so much greed is involved. It can work.

  3. So who do you think will benefit from this not the general public who buys gasoline. The oil companies pass this cost to the consumer. So thanks Mr. Cardin for taking more of my money.

  4. How come these Dems wanted to help out newspapers and NPR with subsidies….what do we need more of?

  5. These misguided idiots are trying to destroy the wildcat, mom and pop oil well owners who actually benefit from the subsidies. Since 1975, the percentage depletion tax has not, I repeat, has not been available to the large oil companies. The small drillers benefit from the tax credits. In reality Cardin will be destroying more small businesses. Small business provides most of the jobs in the USA.