VIDEO: Schumer Blasts Heads of Oil Companies over Taxpayer Subsidies
1 min readWASHINGTON, D.C. (WIVB) – The nation’s top oil executives didn’t make any friends Thursday on Capitol Hill.
The heads of the world’s five biggest oil companies faced a firing squad of questions from Democrats in the Senate. They want to put a stop to the $2 billion a year big oil receives in tax breaks, especially at a time of record profits.
Sen. Charles Schumer said, “You’d have an easier time convincing the American people that a unicorn just flew into this hearing room than that these big oil companies need taxpayer subsidies. That’s the real fairy tale.”
So far this year, the five richest oil companies have made $36 billion in profits. Oil companies say investors, not the oil industry, are driving up the price of gasoline.
