Washington, D.C. – Senator Sheldon Whitehouse (D-R.I.) has joined Finance Committee Ranking Member Ron Wyden (D-Ore.), Senate Democratic Leader Chuck Schumer (D-N.Y.), and Senator Debbie Stabenow (D-Mich.), to release a Senate Finance Committee report outlining the massive Trump tax breaks for Big Oil companies, as gas prices rise across the country. Gas prices in Rhode Island have increased by $.59 per gallon, or 25 percent, over the past year under President Trump.
“The GOP tax scam was billed as a tax cut for the American people, but the biggest winners have been Republican donors and special interests, like Big Oil,” Whitehouse said. “Despite collecting a massive windfall, Big Oil is raising prices at the gas pump and adding to the squeeze on middle-class families.”
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. Big Oil executives and shareholders are reaping these benefits while gas prices are hitting three-year highs.