May 23, 2018

Trump Tax Scam Sends Billions to Oil Companies as Gas Prices Skyrocket

Gas prices in RI have risen 25 percent over the past year – hurting family budgets and Memorial Day travel plans

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. 

A copy of the report can be found here.


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