Americans Feel Rising Gas Prices As Republicans Reward Big Oil Companies
FOR IMMEDIATE RELEASE:
Tuesday, May 22, 2018
Washington, D.C. — Americans across the country are already feeling the rising costs of gas prices at the pump. Gas prices are up 52 cents from 2017 — the highest in 3 years.
Since the TrumpTax became law, major oil companies have announced record stock buybacks and billions in profits, thanks to the rising costs of fuel and provisions that have already benefited oil companies. The TrumpTax gave a 40 percent tax break to big oil companies.
“People are having to choose between paying for gas at the pump or prescription drugs at the pharmacy, but President Trump and Congressional Republicans pass the TrumpTax that gives 83 percent of the money to the wealthiest one percent and 40 percent tax breaks to big oil companies already making record profits,” said Tim Hogan, spokesperson for Not One Penny. “People who work for a living are going to pay higher gas prices, but big oil companies that fund Republican campaigns are getting record tax breaks. Thanks GOP!”
Here is how big oil is faring under the TrumpTax:
ExxonMobil Reported A $5.9 Billion Tax Benefit In 2017. [CNN Money, 2/2/18]
Chevron Reported A $2 Billion Tax Benefit In 2017. [Houston Chronicle, 3/2/18]
ConocoPhillips Reported A $850 Million Tax Benefit In Quarter Four Of 2017. [Houston Chronicle, 3/2/18]
Phillips 66 Reported A $2.7 Billion Tax Benefit In 2017. [Houston Chronicle, 3/2/18]
Valero Reported A $1.9 Billion Tax Benefit In 2017. [Reuters, 2/1/18]
Marathon Petroleum Reported A $1.5 Billion Tax Benefit In 2017. [CNBC, 2/1/18]
Anadarko Reported A $1.2 Billion Tax Benefit In 2017. [Reuters, 2/7/18]
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