04 May '11, 11am

Rep. Rob Bishop (R-UT) denies existence of billions in special oil subsidies

Rep. Rob Bishop (R-UT) denies existence of billions in special oil subsidies May 4, 2011 We have a new kind of denier in DC — an oil subsidy denier. Think Progress has the amazing story and video. Earlier this year, the GOP voted in lockstep to extend billions in tax breaks to oil companies. The subsidies include special tax breaks only available to oil and gas companies. For instance, there is the “Intangible Drilling Costs” tax break ($7.8 billion over ten years); a deduction for “tertiary,” or enhanced oil recovery methods ($67 million over ten years); and the percentage depletion allowance for owners of oil wells ($10 billion over ten years). Rep. Rob Bishop (R-UT), a staunch ally of polluters and top recipient of oil industry campaign contributions, was asked last week at the Toole County Republican convention if he supports such tax breaks to big oil. An incredulous ...

Full article: http://climateprogress.org/2011/05/04/rob-bishop-denies-o...

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