Pelosi on Exxon Profits: No Reason Taxpayers Should Subsidize Big Oil's Profits

Washington, D.C. - Democratic Leader Nancy Pelosi released the following statement today after Exxon Mobil reported $10.7 billion in profits during the first quarter of 2011, a 69 percent jump from last year.  Combined with reports of huge profits from BP, Shell, and ConocoPhillips, as well as expected earnings from other major oil companies, this quarter marks some of the largest increases in oil profits since 2008.  Earlier this week, Leader Pelosi sent a letter to Speaker Boehner calling for a vote next week on ending taxpayer subsidies to Big Oil. 

"Two weeks after Republicans voted to end Medicare as we know it in order to give tax breaks to Big Oil, Exxon is now reporting soaring profits.

"There is no reason American taxpayers should subsidize Big Oil's profits.  This week, Speaker Boehner said that oil companies should pay their fair share; it's now time for him to make good on that statement and schedule a vote next week on ending taxpayer subsidies to Big Oil.

'It's time to turn off the spigot of public funds flowing to Big Oil; to invest in clean energy and reduce our dependence on foreign oil; and to create jobs while we responsibly reduce our deficit."