At a time when we have more than $15 trillion in national debt, American taxpayers are set to give away over $110 billion to the oil, gas, and coal industries over the next decade. Clearly, we cannot afford it. The five largest oil companies made over $1 trillion in profits in the last decade, with some paying no federal income taxes for part of that time, so they certainly do not need it.
It is time we end this corporate welfare in the form of massive subsidies and tax breaks [PDF] to hugely profitable fossil-fuel corporations. It is time for Congress to support the interests of the taxpayer instead of powerful special interests like the oil and coal industries. That is why I joined with Rep. Keith Ellison to introduce legislation in the Senate and the House called the End Polluter Welfare Act. Our proposal is backed by grassroots and public-interest organizations 350.org, Friends of the Earth, Taxpayers for Common Sense, and many others.