29 Sep '11, 10pm

Big Oil’s mountain of cash

Big Oil’s mountain of cash

Cross-posted from the Center for American Progress . This post was coauthored by Valeri Vasquez , special assistant for energy policy at the Center for American Progress. On Sept. 19, President Barack Obama announced his plan to reduce the deficit by $4 trillion over the next 12 years, including raising $1.5 trillion by closing special interest loopholes and other revenue raisers. This includes eliminating $41 billion in tax loopholes for the oil and gas industry [PDF, p. 63] over the next decade. Big Oil is predictably opposed to losing its unnecessary tax breaks. The American Petroleum Institute , or API, the oil industry's lobbying muscle, quickly claimed that "the administration plan would hurt jobs and investment." But this claim ignores the fact that the big five oil companies -- BP, Chevron, ConocoPhilips, ExxonMobil, and Shell -- have ample financial resources that...

Full article: http://www.grist.org/oil/2011-09-29-big-oils-mountain-of-...

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