Oct. 25, 2011: Markey: Yes, BP CAN Afford Highest Penalties for Spill, End of Tax Breaks
Administration Should Finalize Fines, Says Congressman
Washington (October 25, 2011) – On the backs of consumers paying more at the pump, oil giant BP today reported a whopping $4.9 billion in profits for the third quarter, an increase of more than 170 percent over the third quarter of last year. The quarterly haul brings BP to nearly $18 billion in profits for the year.
With the federal government’s investigations into the causes of the BP Deepwater Horizon disaster now complete, BP’s high earnings come at the same time the company continues to fight fines for its culpability for the worst offshore oil spill in U.S. history.
“Even when their production is down, BP’s profits continue to soar, proving once again that the oil giant can afford to pay the highest penalties for their oil spill in the Gulf,” said Rep. Ed Markey, top Democrat on the House Natural Resources Committee. “It is time to finalize the fines, and for BP to pay, so that families living and working in the Gulf can finally move forward.”
BP is not alone in reaping lavish profits on the backs of consumers and taxpayers. The top five oil companies made $71 billion in profits in the first half of the year.
“Each day Republican leaders in Congress fail to remove unnecessary and wasteful tax breaks and royalty subsidies for Big Oil is yet another day the American taxpayer’s suffer,” said Rep. Markey. “In these challenging financial times, U.S. tax dollars should not be spent padding the coffers of BP and other big oil companies, but should be used to pay down the deficit, preserve Medicare and Social Security, and invest in clean energy jobs.”