Speaker Nancy Pelosi

U.S. House of Representatives

Big Oil Scores Big Off of GOP Tax Scam

April 19, 2018
Blog
Last December, Republicans passed a GOP tax scam that abandons working families to hand massive tax giveaways to the wealthiest one percent.

And among the biggest beneficiaries are big oil companies – reaping billions of dollars in tax breaks from the GOP tax scam.

Washington Post: The GOP tax plan is a windfall for oil and gas industry

When it comes to the energy business … the Trump tax measure gives new meaning to the phrase windfall.

The oil and gas industry will reap billions of dollars in tax savings from the cut in corporate income tax rates and the generous tax treatment of capital expenditures.

Pavel Molchanov, energy analyst at the investment firm Raymond James, said the windfall from the corporate rate cut will be even bigger for oil refiners. He estimates the earnings per share for refiners will jump by an average of 23 percent.

Now, oil companies are setting out to take even more money out of the pockets of middle class families by raising gas prices to record highswiping out any tiny savings for American workers from the GOP tax scam.

Yahoo Finance: Gas prices will likely wipe out Trump tax cut gains for millions

Gas prices have risen this month. And if they rise $1.05 per gallon off their current marks, it would eat the disposable income gains of last year’s tax cut legislation, according to Deutsche Bank analysis.

Wall Street Journal: Americans Face Highest Pump Prices in Years

Americans are spending more at the pump than they have in years. Prices could rise even higher just as drivers hit the road for family vacations.

“This summer, in terms of average gas prices, will likely be the highest since 2014,” said Patrick DeHaan, petroleum analyst at GasBuddy, a fuel-tracking app. “There’s been very little question about that.”

The American people have had enough.  They deserve real, bipartisan tax reform that creates jobs, reduces the deficit and puts the middle class first – not a deficit-exploding tax scam that sells out American workers to further enrich big corporations and the richest few.