Without a doubt, one of the most pressing issues facing the United States is our dependence on oil. In Congress, Bill supports energy policy that increases the use of clean, renewable sources of energy, such as solar and wind, in order to create hundreds of clean energy jobs throughout Massachusetts and reduce our reliance on fossil fuels.  Increased importation of oil is directly increasing our deficit and linking our economic recovery to our consumption of foreign oil.

Ending tax subsidies for big oil companies would save the country over $43 billion over the next ten years. Not only is it smart economically, but it is critical if we are to boost our national security and once again demonstrate global leadership.

Bill offered an amendment to the budget on March 1, 2011, to strip Big Oil of their tax subsidies.  Here are his remarks on the House floor:

There is a lot of talk in Washington right now about entitlement programs and which ones need to be on the chopping block. But there is no more egregious entitlement program than the one we have for big oil.  Why isn’t the House leadership talking about that?

Big oil companies, which grossed record profits just three years ago – the same year that our country was on the brink of economic collapse – are getting tax credits at the expense of our middle-class families. To add insult to injury, big oil companies are getting much of their reserves from countries overseas; thus, they are funding the very governments that wish to do Americans harm.

Other commodity prices are correlated to the price of oil, so Americans may not just be facing an increase at the pump, but also in their home heating and cooling costs.

The House majority refuses to eliminate big oil’s entitlement program, but they have no qualms about eradicating the programs which would directly help Americans, such as fuel assistance for our most vulnerable populations. We should be putting the $43.6 billion we would save by ending these tax subsidies towards our deficit. Instead, we continue to put taxpayer dollars into the pockets of some of the most profitable companies in the world. Worse, we are allowing big oil to dictate our domestic policy.

The current budget proposal from the House majority cuts investments in homegrown clean energy projects. Those investments would ensure America’s energy security and also stop hard-working Americans from being prisoners of the pump. Big oil and the anti-American countries that they support are laughing all the way to the bank and the current House leadership is allowing them to do it.