May 12, 2011

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Schumer backs repeal of tax breaks for big oil

Current pump prices in New Paltz

WASHINGTON – US Senator Charles Schumer announced his support for a proposal to repeal $4 billion in annual tax breaks to the largest oil companies.

Schumer’s announcement comes with Hudson Valley gas prices well over $4 per gallon, but now beginning to pull back, slightly, in some places

“Decades ago when oil was $17 a barrel, it made sense to give companies an incentive to explore and produce; that’s when these things were passed,” he said Wednesday. “But, with oil hovering around $100 a barrel and Big Oil reaping record it defies logic to spend billions of dollars every year to tax giveaways to Big Oil.”

The plan Schumer is buying into would have those tax breaks eliminated with the money being applied to the national debt.


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