Record Exxon Profit Bolsters Case for Ending Oil Subsidies

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Exxon Mobil announced today that its 2007 earnings are a whopping $41 billion—besting its all time record set last year. Friends of the Earth Domestic Programs Director Erich Pica responded with the following statement:

“It’s hard to understand why many members of Congress still insist on giving taxpayers’ hard-earned money to oil companies like Exxon. Big Oil doesn’t need corporate welfare. Instead of subsidizing polluters, Congress should be promoting clean energy alternatives, such as wind and solar. Transitioning to these alternatives will be good for the environment, good for Americans’ health, good for the economy, and good for our national security. It’s a no-brainer.

“Friends of the Earth worked with the Democratic leadership last year to craft a tax package that eliminated Big Oil subsidies and promoted clean energy. Unfortunately, this winter, that package was defeated by one vote in the Senate. Democrats didn’t do enough to push the bill, but the person bearing most responsibility for its defeat is Republican Senator John McCain, who was the only senator who didn’t bother to show up to vote. Thankfully, it’s not too late to achieve progress. Congress must end the oil subsidies and promote clean energy this year.”

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