Share “Dem. US Rep. Markey: End oil company...”

Dem. US Rep. Markey: End oil company subsidies

Published on NewsOK Modified: February 6, 2013 at 3:16 am •  Published: February 6, 2013

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.


  1. 1
    Victim arrested after armed robbery at east Tulsa hotel
  2. 2
    Brandon Weeden out, Matt Cassel in as Dallas Cowboys starting quarterback
  3. 3
    Former OU recruit confesses to attacking, killing Dallas jogger, police say
  4. 4
    Report: U.S most obese in the world, fattest kids by a mile, tops for poor teen health
  5. 5
    World’s biggest beer makers agree to join forces
+ show more


× Trending energy Article