BOSTON (AP) — U.S. Rep. Edward Markey is calling for the repeal of roughly $7 billion in annual tax subsidies and free drilling that he said benefits the nation's largest oil companies.
The Massachusetts Democrat, who is also a candidate in the special U.S. Senate election, said he would submit legislation mandating the repeal.
Markey said he decided to file a bill after BP announced a 2012 profit of nearly $12 billion.
Markey said that pushed total profits for the five largest oil companies to $119 billion for the year. He said taxpayers shouldn't be subsidizing a highly profitable industry.
It's not clear whether the bill would gain traction in the House, which is controlled by Republicans.
Markey is running against fellow Congressman Stephen Lynch in the Democratic primary for John Kerry's former Senate seat.