Oct. 27, 2011: Markey: Oil Companies Part of One Percent PLUS Club
Exxon (41%), Shell (101%) Both See Profits Soar
WASHINGTON (October 27, 2011) – ExxonMobil’s quarterly profits are up 41 percent over last year’s third quarter. Shell’s are up 101 percent over the same time period. Yet the oil industry and Republicans continue to defend billions of dollars in tax breaks.
Rep. Ed Markey (D-Mass.), the top Democrat on the Natural Resources Committee, today said that this “One Percent PLUS” club of corporations should stop defending tax breaks paid by the American taxpayers who also buy their product at the pump.
“Exxon’s profits are up 41 percent. Shell saw a 101 percent increase. These companies aren’t just the one percent of America, they are the one percent plus, making billions off the backs of Americans but unwilling to relinquish tax breaks that could help reduce our deficit,” said Rep. Markey. “The oil industry and Republicans need to stop defending tax breaks and start supporting the effort to bring sanity back to our economic situation.”
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