Money and Big Oil

RECEIVED Tue., Aug. 19, 2008

To the editor,
    With gas prices continuing to hit record highs, Americans are feeling the pinch. While regular American families are struggling to figure out how they’ll afford to pick up the kids and drive to work, the oil industry recently celebrated record quarterly profits in the billions. Again. It's no coincidence that as gas prices surged to record highs, the largest oil companies in the world reported more than $40 billion in second-quarter 2008 profits.
    The demands for more oil drilling should not drown out the fact that the beneficiary of increased offshore and domestic drilling will be the oil companies, not us.
    A recent poll reported that 80% of Americans believe that we should end the billions of dollars in oil subsidies and instead use the money to invest in clean, renewable energy sources. Yet the president refuses to end the billions in taxpayer-funded subsidies that are helping to fuel Big Oil's record profits.
    Instead of the failed policies of the past, it's time to break our addiction to fossil fuels by shifting our priorities – and our policies – toward creating the clean-energy economy. It's time to take back the giveaways to Big Oil and to invest that money in clean, renewable energy and efficiency.
Jeff Guidry
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