The Energy Bill: Subsidies for Big Oil (moved from ATSNN), page 1


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Topic started on 28-7-2005 @ 01:26 PM by Aelita
The eagerly awaited energy bill is about to become a reality, and yet it doesn't seem to contain enough provisions to reduce our dependence on foreing oil. What it does have, is a substantial amounts of subsidies that will go to the big oil companies.



money.cnn.com
The House on Thursday easily approved an energy bill packed with $14.5 billion in tax breaks and incentives and hailed by Republicans as a major change in energy policy.

Environmental and consumer groups criticized the legislation as a giveaway to an industry enjoying record profits with crude oil prices near $60 a barrel, while spending little on ways to curb demand or encourage renewable energy.

...
energy companies have ample profits to fund new projects and don't need more subsidies. On Thursday, Exxon Mobil Corp. (Research) reported a 32 percent jump in its quarterly profits to $7.64 billion.




Please visit the link provided for the complete story.


We are already paying unprecedented prices at the pump, and now our tax money goes to further enrich the well connected. I'm surprised it doesn't cause public outcry. I guess we in the US got completely disconnected from reality... Until it knocks on our empty bank account.


[edit on 28-7-2005 by Aelita]

[edit on 28-7-2005 by Aelita]
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