SPRINGFIELD, Ill. (IRN) – U.S. Sen. Dick Durbin (D-IL) says it’s time to end major tax breaks for big oil companies.
Durbin says gas prices continue to skyrocket, but oil companies continue to make big profits.
“How can we justify raising taxes or cutting back on basic programs people need in education, and send money, literally billions of dollars, to companies that are making money hand over fist,” he says. “I think the joy ride should be over.”
Durbin joins fellow Democrats, who recently called on Republicans to hold a hearing regarding the elimination of the tax credits.
Republicans argue increased domestic drilling should be allowed, but Durbin says this country’s oil reserves only account for about three percent of crude oil worldwide. Neither solution, he says, would bring down prices any time soon.
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