CARDIN TO HOLD PRESS CONFERENCE CALLING FOR END OF $4 BILLION A YEAR IN SUBSIDIES TO “BIG 5” OIL COMPANIES

Attorney General Gansler will join Cardin at press conference to protect consumers from high gas prices

On Monday, May 16, U.S. Senator Ben Cardin (D-MD) will be joined by Maryland Attorney General Doug Gansler at a press conference to discuss efforts to protect Maryland consumer from high gas prices. The Senator has called for the passage of legislation that would end $4 billion a year in subsidies and tax breaks for the five biggest oil companies. The big five oil companies -- Exxon Mobil, Shell, Chevron, BP and Conoco Phillips -- made nearly $1 trillion in profits in the last decade, more than $35 billion of that in the first three months of this year. Attorney General Gansler has launched a probe into the recent spike in gas prices across Maryland.

As area gas prices top the $4 mark, Senator Cardin will call for passage of the Close Big Oil Tax Loophole Act, which would repeal tax loopholes to the five largest, most profitable oil companies in the world: BP, Exxon, Shell, Chevron, and ConocoPhillips. The savings realized by ending tax breaks and other subsidies would be used for deficit reduction. Last week Senator Cardin also signed a letter to the heads of the Big 5 oil companies “urging them to reject any more taxpayer subsidies” in light of their $1 trillion in profits over the last decade.

· WHAT: Senator Cardin and Maryland Attorney General Gansler to hold press conference on efforts to protect consumers from high gas prices.

· WHEN: Monday, May 16 at 2:30 p.m.

· WHERE: Harbor Shell Station,
 1712 Russell Street, Baltimore City