Democrats: Plug budget deficit with money from oil subsidies
November 2, 2011
In The News
Democrats say $2 billion a year can be saved by cancelling subsidies to oil companies. At a press conference outside the capitol, Congressman John Garamendi of Walnut Creek described those subsidies as a longstanding American economic tradition intended to spur new industries. "95 years ago," he says, "we began to subsidize the oil industry to encourage it. It’s perfectly clear from all you’ve heard today, and from the trillion dollars in profits that the oil industry has made in the last ten years, that this industry no longer needs taxpayer encouragement to succeed. It is the most successful industry ever."