April 27, 2011: Markey on MSNBC: GDP slips as price of oil rises, oil co's report mega profits

"In just the first 3 months of the year, Exxon has earned more profits than all of the tax breaks given to the major oil companies in an entire year," said Rep. Markey. "There is absolutely no reason to continue to subsidize the most profitable companies in the history of the world. What is good for the biggest oil companies isn't always what's good for American taxpayers. The American people are getting tipped upside down at the pump, then asked to fork over whatever change they have left to subsidize these oil behemoths."

"Speaker Boehner must bring legislation to the floor next week that will cut these tax breaks once and for all," said Rep. Markey. "As Big Oil is reaching into one pocket of consumers at the pump, they are reaching into the other pocket through the tax code. At $112 dollars a barrel, the biggest oil companies don't need 100 year-old tax breaks to potentially make more than $100 billion in profits this year alone."