GOP Kills Obama Effort to Cut Big Oil Tax Breaks

Published on March 29th, 2012 | by

March 29th, 2012 by

oil tax breaks congressmen

Of course, the oil company tax breaks ($4 billion a year of them) that the White House was trying to get Congress to remove were protected by oily Congressmen and Congresswomen primarily from the Republican Party (GOP) today. Why would they stop subsidizing oil companies making record profits that have been subsidized by taxpayers (who also pay at the pump) for about a century? Anyway, as you might be able to tell, I’m a little disgusted by it all, so here are more details via AFP:

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  • JJ

    It is only $4B? This seems trivial compared to the size of the market.

    Recent evidence from the Energy Information Agency (EIA) shows that government entities in the U.S. are also hugely dependent upon the direct and indirect taxes paid by the largest oil companies. Net earnings for the largest petroleum companies from 1981-2008 totaled $1.4 trillion and the total amount of taxes collected by U.S. governments from the oil companies in that same time period topped $1.95 trillion, roughly 40% more than the industry’s combined profits.