What Do You Think? Are Oil Companies Getting Too Big? Comment Below This Article.

BALTIMORE (WJZ) — As many of us struggle to cope with skyrocketing gas prices, oil companies continue making record profits.  Now the campaign to end tax breaks for big oil companies picks up support from Maryland’s top legal watchdog and a U.S. senator.

Adam May has more on how they’re jumping into the debate.

We are now seeing some action on the state and federal level but the reality is that these are uphill battles because big oil has big money and that means a big influence on politics.

As gas prices hover around $4 a gallon, breaking family budgets, the bank accounts of major oil companies are filling up with cash.  The big 5 have made more than one trillion dollars over the last decade.

It’s outrageous to Senator Ben Cardin.  Cardin wants to take away $4 billion in annual tax breaks for big oil.

During a recent hearing on Capitol Hill, oil executives defended their profits.

“Raising our taxes will not reduce the price of gasoline,” said John Watson, Chevron.

“Oil is more difficult to find, more challenging,” said Jim Mulva, Conoco.

Maryland Attorney General Doug Gansler doesn’t buy it and he wants to launch a state-level investigation into one oil distributor.

“The company that we wrote a letter to has cooperated fully at this point.  Where we go depends on where the evidence takes us,” Gansler said.

But efforts to fine oil companies and raise their taxes face tough opposition as they continue funding political campaigns.  For example, Exxon gave lawmakers more than $2.5 million over the last decade.  Less than 10 percent went to Democrats and over 90 percent to Republicans.  Last year, Ben Cardin didn’t take a penny.

“Clearly the oil industry is doing what they can to influence the political process,” Cardin said.

His bill to repeal the tax breaks could go to a vote but it’s not expected to pass.

Comments (31)
  1. Ken says:

    What do you think they will do with the increased revenue and who will eventually pay for it. You know it. The average working man and woman. Hey Cardin how about negotiating a price reduction with the oil companies for the average woking man and woman using the tax breaks as leverage you idiot. Think of the ones who payyour salary and support all your perksfor once. Bet you do not pay 4 bucks a gallon to fill your tank. How about representing the ones who put you where you are.

    1. Balmy Balmer says:

      So 100 billion dollar profit isn’t good enough for oil companies and we should let them extort us? You seem to have the helsinki syndrome.

      1. Ken says:

        What do you suggest is done about the gas situation. You know if the tax breaks are illiminated what will happen. The government will get the increased tax and do you think they will pass it on to the working men and women. Hell no. It will be another reason for the oil companies to raise the prices that we pay at the pump. I am for negotiation. Let’s get something in return for those tax breaks. This country needs to be run like a business. Like Ross Perot said in 1992. I hear a giant sucking sound. I can hear it. .Can you?

      2. ferg says:

        The oil companies must be doing something right because they are making profits while the Democrat government is making this country bankrupt.

        I pay more for taxes than to oil companies so who is extorting who? Yes your Democrat friends are extorting you and you can’t figure that out?

  2. Mary Jane says:

    It’s about time the rich get richer and the poor get pooer. When will the madness end.

  3. Feebe says:

    Oil companies and other large companies and corparation that receive TAX BREAKS look at tax breaks as a given and not a grace of the public. When it comes time for the tax relief to be repealed the Companies,, Corparations Inc…. Refuse to except the need.There is a line in the paperwork for these tax breaks to be repaid.(?For a company corp. inc. To have no break next year and to pay up for the back tax breaks?

  4. steve says:

    do what you want, me and my retirement are leaving the usa, when i retire!!! Im not giving my pension to oil companies, or all the other greedy so and so’s

    PS: when gas hit $4.00 a gallon a couple of years ago i gave my car away, and im happy cause now they are jacking up registration by double,,,hmmmm i guess the MVA has help from government to do that stuff. Oh well im not going to take it anymore. Im done, wont buy gas or electric, or any other kind of fueled vehicle, im PROTESTING my WAY!!!!

  5. Cheryl Sherpinski says:

    So when are the politicians going to start screaming for themselves to take pay cuts??
    This is just another way to get the people’s mind off the fact that everyone else is taking wage cuts but THEM. It worked in the late ’60’s to get the public’s’ mind off the electoral college and it is still working today….40 years ago and is still working now.

  6. ken smallwood says:

    Taking the subsidies is not enough regulation should be in the formula and control the regulators and the same should go for BGE they are gouging just as bad. raising tolls and putting more taxes on gas when does it stop i am making a good wage but i am at the breaking point money just think about someone who is just making minimume wagethey can’t be making it think for once and start thinking about the voters in this state.

  7. Ninetoes says:

    Dear Ben let me get this right. I save all my life and invest in CVX for my retirement > Now you want to steel that from me to pay some government workers penstion who never had to save dime. Yes taking away CVX legal deduction is just plan steeling. I have been over taxed all my life to pay for to much government and how you want my savings to pay for more.
    All I see is a man without a clue. The real trouble here is not people and industries working hard and making money. It’s the greed of a government out of control.

  8. roger says:

    Change the Tax laws. Flat Tax for everyone. The Oil companies are using the tax laws put in place by guess who? Congress/Senate. Don’t single out a particular industry because they are successful like Federal/State presently do.
    My % is a higher amount. Below poverty level pay Zero. Everyone else pays their fair share including illegals through payroll deduction.

    1. Employee #8 says:


      That is such logical point, but the reality is we’ll never see it. The tax code represents hypothetical situations. The reality is a system designed to favor the rich. If we held people accountable and enforced a tax rate, this country would be flush with cash at about 20% income tax rate. Middle-class logic does not prevail.

      The next person in here claiming to be wealthy and taxed to death has the worst accountant or investment practices in the state.

  9. sheriff willie says:

    It will end for you when you die, in the meantime , STFU & enjoy what you can from life.

  10. PAUL E. MICELLI says:


  11. Derp says:

    Oh great, Cardin. Let’s take the $4.4 bil tax deduction away from the oil companies, I bet we won’t see increased gas prices after we force them to pay more. Hey we have a bunch of natural gas sitting in Western MD that’s untapped…why not make some jobs, bring in revenue, reduce costs for Marylanders, and sell it to other states/countries for profit and bring this state back up a bit…or hey even better…let’s drill offshore like we used to and stick it to the Middle East. Oh, sorry I forgot the Dems only like to stick their hands in other people’s pockets…

  12. Clifford Summers says:

    Politicians are not for the working class citizens they are out for themselves and large corporation such as the oil companies. So later with them all. All I can do now is just struggle to survive.

  13. Harry says:

    I think they should put a $2.00 gal freeze on the gas company and then give then the tax breaks that they still have.

  14. H. Gibbons Sr. says:

    They need to break them up like they did to AT&T to bring back compotition, jobs, and tax money from the jobs. This would help the economy, create jobs, and most of all bring prices DOWN. There to big and to few. They sit together and set the price they want then decide what excuse to use to raise it. Thats why you don’t see anymore gas wars or give aways anymore. NO COMPOTITION and they need it.

  15. ferg says:

    How about ending Cardins tax breaks. Cardin is just one liar and a poor representative of a state that overall has poor judgement.

  16. Wayne says:

    get ready to pay more at the pump as the extra taxes will be passed onto the consumer, great job Senator!

  17. Rick says:

    I think Ben has the right idea. We can use the money to develop alternative fuel sources and vehicles.

  18. Bill Adams says:

    Cardin. Always out in front……..of the idiot line!

  19. Corrie Everhart says:

    Go Ben!

  20. Michael says:

    Has gas prices go up, waterman are having trouble going to work. the oil companies dont care about the working class people. I think they should come work in our shoes for a change.

  21. Michael J Neighoff says:

    Nobody is against a business making a profit. To have a company making profits at the magnatude they are though, on the backs of people who are struggling to survive is absurd. Everybody else has to take pay cuts they shouldn’t be any different. If those profits are accurate the oil companies don’t deserve tax breaks as they don’t give anything to the cause, they only take. As for campaign funds received by politicians from these companies to keep allowing them to steal from the American public is nothing less than conspiracy to commit a crime no matter how you look at it. The politicians can be looked at as an Accessory before, during, and after the fact. The politicians who take part in this should be charged with a crime like anyone else.

  22. R. Lynn says:

    Unfortunately, this will not help gas prices. It will cause prices to rise even higher – to around $6 a gallon to be exact – because the loss for oil companies will be passed on to the consumer. The only thing that will lower gas prices is more oil production in the U.S. Hopefully, it would also create more jobs. Additionally, the EPA restrictions that are currently in place make it more expensive for oil companies to produce gas. Many States have different blends that must be produced – it is complicated and needs to be standardized nationwide.

  23. Linda says:

    Is anyone in the government really reading /listening to these comments? It is sad to say but I think not. The government is out for themselves now, they are no longer working for the US citizen, and if they are tell me how, when and where. The government officials don’t have to worry about gas prices, pensions, retirement, health care, etc. Here is a true story. A single mom working for the school system, making under $23,000. going to school at night to get a degree and pays @ $65.00 every 3 days for gas. She can’t get a different car as she would be upside down on the payment, she can’t get a different job as her job helps to pay for her schoolingand she won’t go on welfare, so where is the gov. helping her? All I am saying is the government needs to start working for the people again and stop lining their pockets or you may start seeing the same things here that we just saw in Egypt.

  24. Deborah says:

    I agree that many of our elected representatives and top leaders are not representing the people as they should. Gas prices should not be this high and they are not taking any action. From what I understand, the oil companies receives bet. $.7-.10 of every dollar, however, the federal & state gov’t ‘s receives about $.48 of every dollar, not sure where the other goes. So the gov’t’s are receiving a good share???? Seeing that our governor is an advocate of green and new energy, and want to bring the windmills and etc. to MD, perhaps that’s where part of the funding will come from, taking back the subsidies. Do you really think they are going to pay down Maryland’s debt!!

  25. williejoe says:

    Super Jew to the rescue. What a crock of s……t old chrome dome is.

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