13 Sep '11, 4pm

75% of Americans oppose them, so why won't Big Oil subsidies die? @bcmerchant on Obama's latest attempt to cut them.

75% of Americans oppose them, so why won't Big Oil subsidies die? @bcmerchant on Obama's latest attempt to cut them.

Here's the Wall Street Journal : Mr. Obama also proposed raising $41 billion over 10 years by reducing or eliminating some tax credits and allowances for oil and gas companies, including repeal of a deduction for intangible drilling and development costs and eliminating one method for recovering the capital costs of wells. Obama tried cutting oil subsidies in his very first federal budget proposal, and it didn't fly. He and the Democratic members of Congress tried again earlier this year, hoping that the Tea Party's incessant yelling for spending cuts would translate into Congressional support for one of the most obvious spending cuts in the history of spending cuts. But no such luck. And get this: The true amount we pay in oil subsidies is waaaaaaaaaaaaay more than $4 billion a year. In fact, the far-right libertarian think tank the Cato Institute once calculated the true...

Full article: http://www.treehugger.com/files/2011/09/why-wont-big-oil-...

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