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Big Oil Takes Our Tax Dollars

Posted Jul. 31, 2008 / Posted by: RConnors

Oil Company ProfitsFriends 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.

Read the Report | Press Release

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