Big Oil Takes Our Tax Dollars
Friends of the Earth’s new analysis shows that even though the oil and gas industry is experiencing record profits, it is set to receive at least $33 billion in handouts from taxpayers over the next five years.
These companies stand to gain at least $23.2 billion from tax loopholes, $3.8 billion in royalty rollbacks, $1.6 billion in direct subsidies for research and development, and $4.3 billion through accounting gimmicks. The tax giveaways have increased dramatically since the passage of a Republican-drafted energy bill in 2005.