\n
\nHow The Oil Lobby Greases Washington’s Wheels<\/a>:<\/p>\n
\n
\n<\/a>
\nDespite astronomical profits during what have been lean years for
\nmost everyone else, the oil and gas industry continues to benefit from
\nmassive, multi-billion dollar taxpayer subsidies. Opinion polling shows
\nthe American public overwhelmingly wants those subsidies eliminated.\n<\/p><\/blockquote>\nThat’s at least $4 billion a year to big oil while Congress debates cutting
\nSocial Security and Medicare and maybe shutting down the government.
\nAccording to the American Petroleum Institute (API),<\/p>\n
\n
\n<\/a><\/p>\n
\nafter adding in the cost of some other proposed measures (including
\nreinstating Superfund taxes and repealing two accounting gimmicks that
\nwould affect other industries as well), concluded that Obama’s FY 2012
\nproposed budget could cost the oil and gas industry
\n
\n$90 billion over the next decade.<\/a>\n<\/p><\/blockquote>\nSo according to the oil industry’s own pressure group,
\nwe’re subsidizing big oil to the tune of an average of $9 billion a year.
\nThis while BP, Chevron, ConocoPhillips, Exxon Mobil, and Shell
\ntogether made $1 trillion in profit (not gross: profit!) in
\nthe last decade, for an average of $100 billion a year in profits,
\n“with ExxonMobil clearing $31 billion in profits this past year alone.”<\/p>\n\nAnd no, they don’t need tax breaks to get them to drill.
\nNot even former oilman George W. Bush bought that hockum:<\/p>\n\n“I will tell you with $55 [a barrel] oil we don’t need incentives to
\noil and gas companies to explore. There are plenty of incentives.”\n<\/p><\/blockquote>\nAnd that was back in 2005. Oil prices are around $100 a barrel now.<\/p>\n