WASHINGTON - U.S. Senator Tom Udall (D-NM) issued the following statement today on his vote for legislation to reduce the deficit by repealing tax breaks and loopholes for five Big Oil companies:
"Today I voted to cut the federal deficit by $21 billion over the next ten years by reducing tax subsidies for large, multi-national oil companies. At a time of federal budget stress, we cannot afford more tax subsidies for the Big Oil corporations that reported making over $30 billion in profits during the first three months of 2011 alone, and nearly $1 trillion over the past ten years.
"During the Obama Administration, domestic oil production in New Mexico and America has increased to the highest levels since 2003-65 million and two billion barrels, respectively. Sen. Menendez's legislation does not apply to the independent oil and gas operators in New Mexico who are responsible for the vast majority of our oil and gas production. Instead, this legislation would help level the playing field for both domestic oil production and renewable energy by stopping special interest giveaways to Big Oil, which produces most of its oil overseas."
