Press Release of U.S. Senator Barbara Boxer For Immediate Release: May 17, 2011 Contact: Washington D.C. Office (202) 224-3553 Senate Democrats Seek to End Billions in ‘Corporate Welfare’ to Oil Companies Reporting Near-Record Profits Washington, D.C. – U.S. Senator Barbara Boxer (D-CA) spoke on the Senate floor today to support the Close Big Oil Tax Loopholes Act, which would eliminate $21 billion in taxpayer subsidies to Exxon Mobil, BP, Conoco Phillips, Shell and Chevron over the next decade. The Senate voted 52-48 against proceeding to consideration of the legislation. As gas prices continue to climb, the Big Five Oil companies reported a combined $36 billion in first-quarter profits this year. At the same time, executive compensation among Big Oil CEOs has continued to climb to a staggering $14.5 million on average. Ending this wasteful corporate welfare would reduce the deficit and help preserve investments in critical areas, from after-school programs to COPS funding to disaster assistance to communitiese, executive compensation among Big Oil CEOs has continued to climb to a staggering $14.5 million on average. Ending this wasteful corporate welfare would reduce the deficit and help preserve investments in critical areas, from after-school programs to COPS funding to disaster assistance to communities. Prior to the vote, Senator Boxer spoke on the Senate floor in support of the legislation to end these ‘corporate welfare’ subsidies.Prior to the vote, Senator Boxer spoke on the Senate floor in support of the legislation to end these ‘corporate welfare’ subsidies. For the complete article go to: http://boxer.senate.gov/en/press/releases/051711c.cfm