Big Oil Welfare Repeal Act of 2011

[AI summary unavailable — showing source text] Big Oil Welfare Repeal Act of 2011 - Amends the Internal Revenue Code to deny a tax deduction for income attributable to the domestic production, refining, processing, transportation, or distribution of oil, gas, or any primary products thereof by a major integrated oil company (an oil company which has an average daily worldwide production of crude oil of at least 500,000 barrels for the taxable year and which had gross receipts in excess of $1 billion for its last taxable year ending during calendar year 2005).…