As the price of gasoline is hitting our billfolds every time we fill up at the pump, the big oil companies are reporting record profits.
In February 2008, Exxon Mobil, the world's largest publicly traded oil company, set a U.S. record by earning $40.61 billion in 2007. According to CNNMoney.com, that is nearly $1300 per second. NYTimes.com reported that Exxon Mobil's sales during 2007, which were more than $404 billion, exceeded the gross domestic product of 120 countries. Despite these huge profits, oil companies are still getting billions in government subsidies that have been created by President Bush and are being paid for by the taxpayers of America.
Thankfully, Congressman Tim Walz is working to change all that. Rep. Walz voted for the CLEAN Energy Act, which rolled back $14 billion in subsidies and tax breaks for Big Oil at a time when they had reported record profits. The tax breaks are to be used for alternative energy investments instead.
Walz supported a plan to increase energy independence and promote renewable energy. This legislation would move the U.S. toward greater energy independence, create green jobs, develop innovative technologies and increase clean renewable energy production.
Walz should be commended for doing this work. He is changing Washington for the better, putting middle-class families over the special interests and partisan politics.
