WASHINGTON -Today, British oil company BP reported profits of $5.6 billion dollars for the second quarter of 2011.
"Just one year after the worst oil spill in U.S. history, BP is back to standing for Big Profits," said Rep. Edward J. Markey (D-Mass.), the top Democrat on the Natural Resources Committee. "Riding a wave of tax breaks and high prices at the pump, BP's rapid return to profitability has been paid for out of the pockets of hard working Americans."
"With the debt ceiling deadline looming, House Republicans continue to reject calls by Congressional Democrats to end billions in taxpayer subsidies to oil companies -- the most profitable companies in history -- while calling for devastating cuts to Medicare and Social Security.
"Oil companies like BP are swimming in profits while the American economy is drowning in debt," said Rep. Markey. "Rather than throw a lifeline to seniors and middle class families by ending oil company giveaways, the GOP continues to protect Big Oil's billions.
"Meanwhile, House Republicans also have failed to take action on H.R. 501, the ‘Implementing the Recommendations of the BP Oil Spill Commission Act of 2011', which I introduced in January. This bill passed the House in the previous Congress, and its provisions largely mirror the key recommendations of the independent Commission that studied the causes of the BP Deepwater Horizon disaster.
"Clearly, whether it's tax breaks for Big Oil or safety regulation, GOP has come to stand for "Gas and Oil Party."
