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Thank you right now CEOs from -- -- largest oil companies in the hot -- right now they're facing some tough questions from senators on the finance committee and that committee.
Is looking into stripping the tax breaks for the major oil companies take a listen to senator Schumer.
One of my colleagues suggested.
That this hearing is nothing more than a dog and pony show.
Well you'd have an easier time convincing the American people that a unicorn just flew into this hearing room then that these big oil companies need taxpayer subsidies.
Well that's the -- one Democrat let's bring in senator mark and at -- -- she's a Democrat of Alaska and a member of the commerce in budget committees a senator.
You heard senator Schumer there we're all paying more at the pump why should these companies get any sort of tax breaks at all.
Well I think when we look at the larger picture here on the issues of tax breaks -- you know myself senator Wyden senator coats a bipartisan bill -- tax reform.
We look to the whole picture but let me.
Be more specific have you look at all the energy subsidies in tax incentives we give have federal government companies all around the globe here -- -- the country.
13% of -- all go to the oil and gas companies but yet they produce 60% of the energy for this country and if you look at.
The remaining 87%.
Of these benefits we give out to the non oil and gas companies they only produced 40% of energy.
I think there's a lot of talk on this issue and the reality is if we're serious about -- gas issues were serious about lowering the prices as everyone has said.
Getting -- -- these incentives do not lower the price what will lower the price is more domestic production of oil and gas and diversified energy base.
That's -- we need to be focused on.
Senator -- facilitated a -- from the state that certainly has a lot of oil resource is that has a lot of oil companies did dealing with the status it's a big.
Earner for your -- as far as tax revenue goes -- mentioned some of the tax breaks for other forms of energy.
Are you for keeping us tax breaks for alternative forms of energy as you are keeping the tax breaks for some of these oil companies.
What what I've suggested again as I will look at all these issues in a holistic way but I will not be singling out one after another because.
If we really are true -- the issue here is lowering gas prices that's -- hearing.
Then what we should do is focus on the issue of an energy policy which has not been -- published in this country for decades.
One of things I campaigned on when I came in the office -- half years ago.
This place here has been unable to bring forward an energy policy our energy.
In that country and why you said well I have the policy for decades Dick you know as you mentioned but what can be done in the immediate right now.
-- -- that changes.
What our policy raises major price of the.
Why why -- there's a couple things we've introduced the fast that which will allow people who put money aside in the tax free account just like a medical savings account.
To abide fueled -- gas for your vehicle that will save you -- view on an average taxpayer pays about 20% in income taxes.
It'll save you nearly at the pump at four dollars a gallon eighty cents a gallon.
Right now but instead we have these great debates on the floor and we end up with -- no policy our policy right now in this country.
Let me tell -- -- I don't turn the turned the dial finally at thirty segments here but your it would that.
That that tax actually -- for consumers a -- off consumers of every income level.
-- and anyone who puts yet and that will be an immediate savings of about 40%.
On the pump price and to me that's immediate -- long term things we need to do.
But that's that we can do when -- -- -- you more about that senator we appreciate coming up at best and I sent I think we're gonna be behind very closely -- for intern nearest thank you very much senator.
And we'll be right back -- -- happening.
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