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It’s a ritual. Every time gas prices skyrocket, the Big Five oil companies get called on the carpet by Congress. Last week, they outdid themselves defending their obscene profits and ridiculing the idea of cutting their $4 billion annual tax subsidies ($21 billion over the next decade) from the U.S. government—that is, from you.

ConocoPhillips CEO James Mulva called such a proposal “un-American.” Rex Tillerson (above), ExxonMobil boss, said he would consider moving his business out of the U.S. if the tax burden got too high. And so it went.



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With Record Profits Why Are We Still Giving Subsidies To Oil Companies?

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