WASHINGTON - Rep. Ed Markey (D-Mass.), the top Democrat on the Natural Resources Committee, today expressed his support to repeal tax breaks for the highly-profitable oil and gas industry to help pay for the American Jobs Act proposed by the Obama administration.
Last week, Rep. Markey's Natural Resources Committee Democratic staff released a report detailing the record profits earned by oil and gas companies, and the subsequent job cuts by those same companies. For example, despite generating $546 billion in profits between 2005 and 2010, ExxonMobil, Chevron, Shell, and BP combined to reduce their U.S. workforce by 11,200 employees over that time.
"We don't need to give oil and gas companies more tax breaks to make more record profits and cut more jobs. These companies should do their part to help Americans get back to work by helping foot the bill for this jobs bill," said Rep. Markey. "If the oil companies won't hire more people with all of their cash and oil reserves, then it's time they paid their fair share of taxes, so that we can help Americans get back to work in other industries."
The full report is available here: "Profits and Pink Slips: How Big Oil and Gas Companies Are Not Creating U.S. Jobs or Paying Their Fair Share"
