Southampton - Congressman Tim Bishop applauded the proposal by the Treasury Department to eliminate unwarranted tax breaks for oil and gas companies as part of a broad overhaul of the corporate tax code. Treasury's proposal mirrors provisions of the Big Oil Welfare Repeal Act (H.R. 1689) and the Taxpayer and Gas Price Relief Act (H.R. 1748), bills Bishop sponsored that would end corporate welfare for the Big Five oil companies and reduce the deficit by nearly $31 billion over 10 years.

"The American people are fed up with paying oil companies each time they fill up and once more on tax day," said Bishop. "Giving nearly three billion taxpayer dollars a year to incredibly profitable corporations makes no sense in our current fiscal situation and does nothing at all to lower oil prices."

Each barrel of crude is sold for the same price on the global market, regardless of how its production was subsidized. In 2010, the largest oil companies spent 60 percent of their profits on dividends and stock repurchases, proving that producers receiving tax subsidies pass on the benefit to shareholders, not consumers.

Subsidies for Big Oil also distort the energy market, hurting America's long-term energy security. Removing them would advance the goals of building a clean energy economy, reducing America's reliance on oil, and improving the environment.

The framework released by the Treasury Department require Congressional action to take effect. Bishop said he supports a broad reform of corporate taxes to encourage economic growth while eliminating loopholes to ensure all corporations pay their fair share.

"An election year is no excuse to avoid necessary tax reform, especially eliminating counterproductive subsidies to special interests," said Bishop. "Despite the House majority's support for protecting billions in giveaways to Big Oil, I will continue my fight for this money to be returned to the public or redirected to our nation's energy and infrastructure priorities."