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At a time when we have more than $15 trillion national debt, American taxpayers are set to give away over $110 billion dollars to the oil, gas, and coal industries over the next decade. Clearly, we cannot afford it. When the five largest oil companies made over $1 trillion in profits in the last decade, with some paying no federal income taxes for part of that time, they certainly do not need it.
It is important that the American people understand just how egregious these fossil fuel handouts are:
A Tax Deduction for an Oil Spill? -- We all remember the BP oil disaster in the Gulf of Mexico, the worst oil spill in U.S. history. What is less well known is that BP is claiming a 9.9 billion tax deduction on the money they had to spend cleaning up their own mess and paying for damages they caused. That is absurd.
They Manufacture What? -- Coal and oil lobbyists added fossil fuels to a bill aimed at helping American manufacturers, so they too could claim 'manufacturing' tax deductions. The added cost for taxpayers:12 billion over the next ten years.
Good Enough for Big Oil, but not Clean Energy -- Most of us have not heard about Master Limited Partnerships. These special financing arrangements allow oil and gas investors to avoid paying certain corporate income taxes, but are not available to clean energy businesses. Ending this fossil fuel loophole not only starts to level the playing field for clean energy investment, it saves the government an estimated 2.4 billion over the next decade.
Free Federal Oil and Gas Leases? -- Fossil fuel corporations are supposed to pay the government fair market royalties in exchange for the right to drill on public lands or in federal waters. But thanks to a loophole in federal law, some oil and gas corporations drilling in the Gulf of Mexico pay zero in royalties. The non-partisan Government Accountability Office estimated this could cost taxpayers up to53 billion over the life of these loophole leases.
Currently, the fossil fuel industry is generously subsidized despite the fact that it’s already the most profitable business on earth! (During the first quarter of 2012, the Big Five oil companies earned a combined $33.5 billion, or $368 million per day.) It’s as if the industry is being awarded a bonus for wrecking the environment. Fossil fuels are subsidized at nearly six times the rate of renewable energy. From 2002 to 2008, the US government gave the mature fossil fuel industry over $72 billion in subsidies, while investments in the emerging renewable industry totaled $12.2 billion.
Originally posted by usmc0311
I think it's time to force laws that force energy companies to become non-profit organizations with extreme oversight by the people.Not that that would ever happen, but the base necessities in life should not be something one can profit off of in my opinion. It sure would lower the cost of our energy though. I will be writing the appropriate officials about this. Thank you for posting it here and giving it more attention.
Originally posted by mike_trivisonno
Keith Ellison is a muslim engaged in Jihad. He should be deported along with all the other muslims residing on American soil. He is a piece of crap.
The Bush administration and Congressional Republicans have failed to bring up comprehensive energy reform or any piece of legislation for that matter that would lower gas prices, opting instead to give massive subsidies to the oil and gas industry.
Read more at www.brainyquote.com...
Is there any reason to be concerned about removing fossil fuel subsidies? Calls for subsidy removal tend to be answered by the oil industry and their allies with dire predictions of falling domestic production, loss of jobs, and rising gas prices. But the reality is that removing fossil fuel subsidies (which the industry deceptively calls new taxes) will have little to no impact on domestic production, jobs, or prices at the pump.
According to the Treasury Department, removing the domestic subsidies as proposed in the President’s budget would reduce U.S. oil production less than one half of one percent, and will increase exploration and production costs less than two percent. Considering the price that the domestic industry receives for crude has more than doubled over the past several years, the industry can afford that – without laying anyone off or jacking up the price at the pump.
Separate Oil & State
Send emails to your representatives. Our government should not be under the influence of Big Oil.
The greatest barriers to clean energy are political, not technical—and these barriers are largely fueled by the oil industry. We know that in order to achieve a clean energy future, we have to expose and eradicate the political influence of the oil industry; we have to achieve a separation of oil & state.
One of the best explanations we have found for why we need a Separation of Oil & State comes from Dr. Robert Engler in his seminal 1961 work, The Politics of Oil
“The petroleum industry has harnessed public law, governmental machinery, and opinion to ends that directly challenge public rule. In the name of prosperity and technology, the industry has been able to destroy competition and limit abundance. In the name of national interest it has received privileges beyond those accorded to other industries. In the name of national security, oil has influenced and profited from a foreign policy that has supported the chauvinism of a few rather than generosity to the aspirations of the many in underdeveloped areas. In the name of private enterprise, it has contributed to the attenuation of vital portions of democratic life, from education to civic morality. In the name of the right of representation, it has so entrenched itself within the political processes that it becomes impossible to distinguish public from private actions. In the name of freedom, the oil industry has received substantial immunity from public accountability.”