Subsidy Gusher: Taxpayers Stuck with Massive Subsidies While Oil and Gas Profits Soar

Document Detail

Document Icon
Subsidy Gusher: Taxpayers Stuck with Massive Subsidies While Oil and Gas Profits Soar
Coverage: USA
Resource Type: oil and gas
Object Type: Publication or article
Attributed Authors: Autumn Hanna
Publication Date: May, 2011

Abstract

During World War I, U.S. taxpayers provided the oil and gas industry with its first federal tax break. Over the decades, more lucrative tax breaks have been added. The latest major installment came with the passage of the 2005 Energy Policy Act, which included another $2.6 billion in subsidies for oil & gas companies. But it hasn’t stopped there. As recently as December of 2011, oil and gas companies received more subsidies. Each year the oil and gas industry takes advantage of tax breaks and other subsidies worth billions of dollars. In all, oil and gas companies are expected to receive more than $78 billion in industry specific and general business subsidies over the next five years.

 

Copyright 2014 Earth Track