Pelosi Appalled By Oil Companies' Tax Breaks

House Minority Leader Nancy Pelosi (D-Calif.) told reporters Tuesday that granting billions in tax breaks to the nation’s largest oil companies was “appalling” considering the current economic environment.

“We have something called the deficit, and [the tax incentives] are a drain,” Pelosi said during a press conference.

The Leader noted that if Congress could end the incentives, the U.S. would be poised to earn $32 billion within ten years. 

“They’re telling us they need this $32 billion in order to have an incentive to drill to make a trillion dollars,” Pelosi said, expressing skepticism.

Pelosi’s comments came as the top executives of the nation’s largest oil companies defended their industries tax breaks during a hearing with the Senate Finance Committee.