Washington, D.C. – As millions of Americans gear up for Memorial Day travel, they continue to face ever higher gas prices at the pump. The growing gas squeeze on middle class consumers comes even as large oil companies are reaping the benefit of billions of dollars of tax cuts due to the corporate tax bill passed by Republicans late last year. To highlight the corporate tax giveaways even as the middle class loses ground, U.S. Senator Bob Casey (D-PA) released a new report from the Senate Finance Committee.
According to earnings calls and supporting documents, four of the largest oil companies are poised to get nearly $15 billion in benefits from Trump’s corporate tax cuts. Since December, seven of the largest oil companies have announced $13 billion in stock buybacks, which artificially drive up stock prices. 35 percent of all U.S. corporate stocks are owned by foreign investors. Big Oil executives and shareholders are reaping these benefits while gas prices are hitting three year highs.
“I’ve said it before and I’ll say it again,” said Senator Casey. “The middle class is getting the short end of the stick while the super-rich and big corporations continue to get a windfall. Middle class Pennsylvanian’s shouldn’t be paying more at the pump while oil executives reap the benefits of this GOP tax scheme. The Administration and Republicans in Washington should focus on helping working families not the richest among us.”
A copy of the report can be found here.