Richmond, VA - Governor Tim Kaine released the following statement today urging the U.S. Senate to pass the Repeal Big Oil Tax Subsidies Act that would repeal several tax breaks for the Big 5 oil companies:
"I strongly urge the Senate to approve legislation repealing subsidies to the Big 5 oil companies. Giving tens of billions in taxpayer dollars to companies that are reaping record profits is simply a waste of taxpayer money at a time when we should be looking for ways to reduce our spending, and a backward approach to our energy future.
"Unfortunately, by supporting these unnecessary subsidies, my opponent George Allen and other Republicans appear to be answering to the best interests of their campaign war chests instead of the best interests of the American people. By protecting these giveaways, Allen and his allies are double-charging Virginia consumers and businesses, asking them to pay at the pump and in their tax bill to Big Oil companies who don't need the additional help to turn a profit.
"While there is no immediate solution to high gas prices, there is immediate action we can take to ensure we continue on a path toward energy independence, and this bill is the right next step. Repealing these subsidies will help America invest in the $2.3 trillion clean energy economy that will create jobs right here in Virginia, bring us closer to energy independence, and reduce our reliance on high oil prices."