The Repeal Big Oil Tax Subsidies Act, sponsored by Senator Menendez (D-NJ) was debated and defeated by the Senate for two years running, and would have eliminated $2.4 billion in annual tax deductions for the five major oil companies: BP, Exxon, Chevron, Shell and ConocoPhillips.
Although the move would have been an initial step, it’s just the tip of the iceberg. So called “independent” oil companies are hardly small businesses. Major integrated oil companies also include Occidental, Amerada Hess, Marathon, Murphy Oil and dozens of others. Together, these companies produced 53.5 percent of U.S. oil in 2009.
