Analysts: Oil firms to post record profits amid soaring gas prices

As drivers on Long Island and throughout the country are feeling an even greater pain at the pump, analysts are predicting that oil companies may

DIX HILLS - As drivers on Long Island and throughout the country are feeling an even greater pain at the pump, analysts are predicting that oil companies may announce record profits this week. According to AAA, the national average for regular unleaded gas is now at $3.87 a gallon, which represents a 30-cent jump from last month and an increase of $1 since last year. Last month, lawmakers had a chance to end the $4 billion in tax breaks oil companies receive annually, but the bill didn't make it out of the House of Representatives. All four Democratic House members from Long Island voted to repeal the tax breaks, but Rep. Peter King (R-Seaford) followed his party, which voted unanimously to keep them. "We need to ask oil company executives to sacrifice, to pay their fair share," says Rep. Steve Israel (D-Dix Hills).Rep. Tim Bishop (D-Southampton) says getting rid of the tax breaks is just the first step. He favors reviving the idea of a windfall tax on oil companies."Clearly, Big Oil's bottom line doesn't need a boost from taxpayers," he says. President Barack Obama sent a letter to congressional leaders today asking that they consider repealing the tax breaks. Republican House Speaker John Boehner (R-Ohio) said he would consider it.

advertisement | advertise on News 12

Top 5 Must See

1 Farmingdale State men's basketball headed to NCAA tourney
2 Tebow begins MLB dream in Mets spring training
The controversial Islandia casino opened for business Monday. 3 Jakes 58 casino opens in Islandia
News 12's Lily Stolzberg has some trivia about 4 On the Spot: TV shows
A new study warns that current strains of 5 Study: Today's pot more potent

advertisement | advertise on News 12

Features

Each week, News 12's Doug Geed explores the Check out fun things to do on the East End!

Explore the Twin Forks with News 12's Doug Geed.

Each week a different shelter visits News 12 Dog Day Fridays Series

Each week a different shelter visits News 12 Long Island with pets up for adoption.

News 12 digs deep to find Long Island's Discover Long Island's Hidden Past

News 12's Danielle Campbell digs into Long Island's roots.

News 12's Lily Stolzberg sees how much Long On The Spot

News 12's Lily Stolzberg sees how much Long Islanders know about everything and anything.

Sorry to interrupt...

Your first 5 are free

Access to News12 is free for Optimum, Comcast®, Time Warner® and Service Electric℠ video customers.

Please enjoy 5 complimentary views to articles, photos, and videos during the next 30 days.

LOGIN SUBSCRIBE