Congressman Gerry Connolly has introduced legislation in the U.S. House of Representatives that would repeal 10 tax loopholes which allow big oil companies to escape billions of dollars in federal taxes and return the funds to American drivers to help them defray the high costs of gasoline.

Entitled the Gas Price Relief Act, Connolly’s bill would take the $37 billion the oil companies reap from the tax loopholes at the expense of American taxpayers and provide approximately $185 in relief to every American driver.

“At the same time that gas prices are rising to near-record levels for American consumers, the big multi-national oil companies are reaping record profits,” Connolly said.  “In the first three months of this year alone, Exxon-Mobil recorded $10 billion in profits.  All companies deserve to make a profit.  That is how things work in the U.S., and that is how we build our economy and create jobs. But there is no reason why these very profitable companies need to be subsidized, to the tune of billions of dollars a year, by American taxpayers.”

Connolly’s legislation, H.R. 1813, would offer direct, immediate, and deficit-neutral gas price relief to all American drivers, while eliminating one of the most egregious and unnecessary tax subsidies contained in the nation’s tax code.

“At a time when the House majority party is intent on dismantling the Medicare program for seniors and future generations of retirees, I find it hard to fathom why that same majority is intent on protecting massive subsidies to the highly-profitable oil industry,” Connolly said.

H.R. 1813 is available here.