BOSTON (AP) — U.S. Rep. Edward Markey is calling for the repeal of roughly $7 billion in annual tax subsidies and free drilling that he said benefits the nation’s largest oil companies.

The Massachusetts Democrat, who is also a candidate in the special U.S. Senate election, said he would submit legislation mandating the repeal.

Markey said he decided to file a bill after BP announced a 2012 profit of nearly $12 billion.

Markey said that pushed total profits for the five largest oil companies to $119 billion for the year. He said taxpayers shouldn’t be subsidizing a highly profitable industry.

It’s not clear whether the bill would gain traction in the House, which is controlled by Republicans.