America Swimming in Debt, Oil Companies Swimming in Profits
 
WASHINGTON (July 28, 2011) – As the House of Representatives today takes up a deficit reduction plan that includes no repeal of unwarranted oil industry tax breaks that would, if eliminated, contribute billions to paying down the national deficit, oil giants ExxonMobil and Shell reported combined profits of nearly $20 billion for the second quarter of 2011. ExxonMobil reported a profit of $10.7 billion for the last three months (an increase of 41 percent over last year), and Shell reported a profit of $8.66 billion (an increase of 97 percent over last year).
 
Rep. Ed Markey (D-Mass.), the Ranking Member of the Natural Resources Committee, said that these profits prove that the oil industry must contribute to the common sacrifice needed to address America’s fiscal challenges.
 
“America is swimming in debt, and oil companies are swimming in profits, yet Republicans continue to defend giving these companies special tax breaks that could help reduce the deficit if they were repealed,” said Rep. Markey. “Instead of asking seniors for a cut in Medicare or Social Security, it’s time for the oil companies to do their part and contribute to solving our debt crisis.”
 
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