29 Nov '11, 6pm

Shocker: Oil Companies Keeping Subsidies

Oil and gas companies are probably celebrating the collapse of the deficit supercommittee because they get to keep their subsidies and tax breaks. Many Democrats tried to kill those subsidies as part of the plan, which of course prompted a strong oil industry pushback. The supercommittee’s failure means there will no more attempts to remove those subsidies this year. It’s a testament to the industry’s lobbying clout even during a year of near-record energy prices, soaring profits and lots of attempts to end them. The oil industry claims lucrative deductions on income they make from domestic manufacturing. The American Petroleum Institute and others argue that eliminating tax incentives will result in higher energy prices and lost jobs, while critics say such a mature, profitable industry doesn’t need additional gifts, especially when so many essential programs are being cu...

Full article: http://www.solarfeeds.com/shocker-oil-companies-keeping-s...

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