Study Finds Ending Tax Breaks For Big Oil Won't Drive Up Fuel Costs

A new report released Friday by Congress’ Joint Economic Committee shows that ending tax breaks for the five biggest oil companies would generate $21 billion in revenue over the next decade.

Sen. Bob Casey (D-Pa.) discussed details of the report during a conference call, telling reporters that terminating the incentives would not only help the federal government pay down the deficit, but would also have zero impact on the price of gas.

“By repealing unnecessary tax breaks to the major integrated oil companies, we can reduce the deficit by more than $20 billion and speed the move to a clean energy economy without impacting prices at the pump.”

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