Levin: Oil Companies Don’t Deserve Tax Breaks

WASHINGTON (WWJ) – The U.S. Senate has failed to come up with enough votes to pass a bill repealing $2 billion in tax breaks for the five biggest oil companies.

Speaking to WWJ Newsradio 950, Michigan Senator Carl Levin said those companies don’t deserve tax breaks while they’re earning huge profits, and consumers are paying four-dollars-a-gallon for gas.

Levin said supporters will try again to get the bill passed as part of a deficit reduction package in Congress.

“There’s just no justification, when you’ve got five oil companies making $36 billion in profits in the last quarter alone, to continue what amounts to subsidies. These are loopholes that the oil companies have been able to obtain and they’re not justifiable when you’ve got huge deficits in a very, very profitable industry,” Levin said.

Levin did not mince words when asked by WWJ why gas prices are so high.

“Because they can get away with it,” Levin said.  “There is no other simple explanation as far as I’m concerned. It’s not a matter of supply and demand. The inventories are high, so it’s not supply/demand. Supply is great,” he said.

A Republican measure designed to increase offshore drilling was scheduled for a Senate vote later Wednesday, although Levin said it was not expected to pass, either.

  • TaterSalad

    Senator is going to be unemployed in a year. He will be in the unemployment lines like the rest of us. His progressive ideology, just like Hillary Clinton, Barack Obama, Reid and Pelosi has destroyed this country. That is the real problem.

    Taxpayers, Republicans, conservatives, Democrats, liberals and independents, do NOT be fooled by the MSM. The real method of taxation and depreciation methods is all in this article and explains why we all are being misled.

    “Contrary to what some in politics and the media have said, the oil and natural gas industry currently enjoys no unique tax credits or deductions.”


    Also not being told: Since its inception, the U.S. tax code has allowed corporate tax payers the ability to recover costs and to be taxed only on net income.

  • Jim

    Let’s tax Levin. He’s earned enough at the public trough to cover the costs. I’m just sayin’…

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