07 Apr '11, 5pm

Why Congress will destroy America sooner than touch oil subsidies

In a far-reaching, data-driven and damning feature for the Huffington Post, lead Washington correspondent Dan Froomkin explains why Obama has found it completely impossible to eliminate subsidies to oil companies . These subsidies amount to up to $90 billion over the next ten years -- that's $90 billion that will be shouldered by every other taxpayer even as the oil and gas industry continues to chalk up record profits. Every time these enormous subsidies are at issue, The American Petroleum Institute argues that eliminating these tax breaks would threaten jobs. And yet the industry they represent has accrued a trillion dollars in profit (that's take-home, not gross) over the past decade, and will likely do significantly better in the next ten years. $90 billion is less than a tenth of that amount. How did they do it? The oil and gas industry spent a billion dollars on lob...

Full article: http://www.grist.org/list/2011-04-07-why-congress-will-de...

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