14 May '11, 3pm

Senate Holds Hearing on Big Oil Tax Breaks: By Jonathan Mariano | May 13th, 2011 1 Comment The Senate Finance Co...

Because the oil industry has been around so long, it has effectively integrated many of its subsidies into other forms. For example, there are tax deductions, tax allowances, and tax credits — each of which impacts a company’s bottom line (and the government’s deficits) differently. Then there are non-cash subsidies, such as the $75 million cap on liability oil companies enjoy for offshore drilling accidents. How much it costs the government depends on how many accidents occur and whether the government actually spends the money to restore the environment — but the financial benefit to the oil companies is huge. Simply put, they could not afford (and might not even be able to find insurance companies willing to underwrite) private sector insurance to cover the same risks. And we haven’t even begun to talk about how leases to drill for oil on government land are priced or h...

Full article: http://www.triplepundit.com/2011/05/senate-holds-hearing-...

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Senate Holds Hearing on Big Oil Tax Breaks

Senate Holds Hearing on Big Oil Tax Breaks

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