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Dem Congressman: Eliminating Oil Subsidies Would Lower Fuel Prices

Rep. Steve Israel (D-NY) says ending subsidies to oil companies would lower fuel prices. Israel also accused oil companies of lying when they say it will not affect the price of gas. Transcript:

CHRIS JANSING, MSNBC HOST: "Let me ask you is there anything Congress can do to lower fuel prices?"

REP. STEVE ISRAEL (D-NY): "Yeah, there's lots of things we can do. Start by eliminating the $4 billion subsidy that big oil companies get."

JANSING: "They say, Congressman, they say that will not affect the price of gas."

ISRAEL: "Well, of course they're going to say that. They're getting the subsidies. It doesn't surprise me that a bunch of rich oil executives would go to Congress and say 'don't touch our subsidies, you have to lower our taxes.' That's a self-serving argument. It is just ludicrous that we are continuing to provide $4 billion a year in subsidies to big oil companies that are making more profits than they've ever made. And the notion that we can end Medicare in order to fund tax cuts and tax subsidies to oil companies is really transforming this election and electoral battleground."

Israel is the chairman of the Democratic Congressional Campaign Committee.

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