Campaign 2010

May 15, 2011

Paul Ryan Continues Grand Oil Party’s Support of Big Oil

Today, on CNN’s State of the Union, Republican Budget Chairman Paul Ryan (WI-01) continued the Grand Oil Party’s (GOP) support of Big Oil companies making record profits, saying he opposes “singling out the oil and gas industry and raising their tax rates.”

 

Ryan has voted at least six times to protect Big Oil companies making record profits, even voting to end Medicare to pay for it.

 

The Big Five Oil companies reported that their profits increased by 38 percent, while middle income families are feeling the squeeze at the gas pump. ExxonMobil reported profits of nearly $11 billion in the first quarter of 2011, a 69-percent increase. Shell reported profits of $7 billion. ConocoPhillips reported profits of $3 billion, Chevron $6.2 billion, and BP $5.5 billion

 

BACKGROUND

 

Paul Ryan Voted to Protect or Opposed Repealing Tax Breaks for Big Oil companies

 

  • In May 2011, Paul Ryan voted to allow oil companies who owe back penalties, fines or damages to the taxpayers for devastating the Gulf Coast to get new leases for more drilling. The amendment was offered by Representative Gerry Connolly (VA-11). [H.R. 1229, Vote #308, 5/11/11]

 

  • In March 2011, Paul Ryan voted against “a motion to recommit the joint resolution to the Appropriations Committee with instructions that it be reported back immediately with an amendment that would prohibit any major integrated oil company from being eligible for any tax benefit or relief under related provisions of the tax code.” [HJRes 44, Vote #153, 3/1/11; CQ Floor Votes]

 

  • In 2007, Paul Ryan voted against shifting certain revenue from royalties and tax incentives from oil and gas companies into a reserve fund for alternative and renewable energies.  The bill would require current offshore fuel producers who are not paying federal royalties to agree to pay royalties when fuel prices reach certain thresholds or pay fees based on how much fuel they produce. [New York Times, 1/19/07; CQ Floor Votes; HR 6, Vote #40, 1/18/07]

 

  • In 2006, Paul Ryan voted against a motion to instruct conferees negotiating H.R. 4297, the Tax Reconciliation Bill. The motion would instruct House conferees to 1) accept three bipartisan provisions from the Senate that would remove subsidies and close loopholes for large integrated oil companies, so that big oil companies would pay their fair share of taxes, and 2) strike the extension of the capital gains and dividend tax cuts.  The total for these two proposals was $51 billion. In 2005, the top five oil companies reaped more than $100 million, three times their profits in 2002. [HR 4297, Vote #109, 4/27/06; CQ Floor Votes]

 

  • In 2005, Paul Ryan voted in favor of the energy conference report that includes an estimated $85 billion worth of subsidies and tax breaks for most forms of energy – including oil and gas, “clean coal,” ethanol, electricity, and solar and wind power. [Washington Post, 7/30/05; HR 6, Vote #445, 7/28/05]

 

  • In 2005, Paul Ryan voted in favor of an energy bill that provided $8 billion in tax breaks to energy producers and billions of dollars more in direct federal aid, while doing nothing to lower gas prices and giving short shrift to energy efficiency and renewable fuels. The bill included $2 billion in royalty relief to the oil and gas industry over 10 years for research on ways to recover more oil and gas from the Gulf of Mexico. [New York Times, 4/22/05; Sacramento Bee, 4/22/05; Boston Globe, 4/22/05; HR6, Vote #132, 4/21/05]

 

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