Originally Posted By: TC
1. $20.5 billion in special deductions, special tax rates, credits, and grants
2. $3.5 billion in Dept. of Energy spending programs
Note that these are NOT “an incentive that is paid out to every corporation in the country” as stated by the previous poster. The $24 billion in Big Oil welfare is specific to “support for the development and production of fuels and energy technologies.”
Big Oil welfare is primarily intended to promote the exploration and extraction of fossil fuels. And yet the largest five oil companies actually produced 4% LESS oil in 2011 compared to 2010 despite earning 75 percent more in profits. They also axed 11,000 employees over the past 5 years, so subsidies do not lift industry employment as some have falsely claimed. XOM’s production fell 5% last year, in spite of industry welfare for them to find and extract it. Taxpayer subsidies to Big Oil have pretty much been a complete failure, so no time like the present to end them.
http://www.cbsnews.com/8301-505267_162-57406956/shell-exec.-focus-on-tax-reform-not-subsidies/
But yet again media outlets are providing contradicting figures because according to CNN money the total energy subsidies for 2011 was 24.2 billion and 16 billion of the subsides was for bio fuels. The Congressional Budget Office stated the energy subsidy was 2.5 billion for fossil fuels in 2011.
Maybe not every company benefits from tax credits but Ben and Jerry's, Microsoft, Apple, GM, Ford, Chrysler, Nike, Starbucks, McDonalds, Burger King, and insert name for your profit company here. Second 11,000 people for the entire industry, not XOM I was not aware XOM is going on trial for the entire industry. When the big 5 employ 350,000 people how many of the 11,000 people who lost their jobs employed by the oil industry were employed by companies that are having a hard time to remain profitable? In case you have not noticed the last 5 years the economy has been pretty bad the worst that I have seen in my life. You are quoting a figure for the entire industry. If your numbers were accurate the total subsidies how much money in XOM as a single company receiving? Because just in taxes the single corporation of XOM is paying more than what the entire industry of oil is receiving by the figures you quoted. Also there was a 4% reduction in petroleum produced but I have not seen where US production has decreased. Is this figure worldwide? Because if a global company is producing less in Saudi Arabia but is producing a equal or more amount in the US I believe that the subsidy is working as intended.
1. $20.5 billion in special deductions, special tax rates, credits, and grants
2. $3.5 billion in Dept. of Energy spending programs
Note that these are NOT “an incentive that is paid out to every corporation in the country” as stated by the previous poster. The $24 billion in Big Oil welfare is specific to “support for the development and production of fuels and energy technologies.”
Big Oil welfare is primarily intended to promote the exploration and extraction of fossil fuels. And yet the largest five oil companies actually produced 4% LESS oil in 2011 compared to 2010 despite earning 75 percent more in profits. They also axed 11,000 employees over the past 5 years, so subsidies do not lift industry employment as some have falsely claimed. XOM’s production fell 5% last year, in spite of industry welfare for them to find and extract it. Taxpayer subsidies to Big Oil have pretty much been a complete failure, so no time like the present to end them.
http://www.cbsnews.com/8301-505267_162-57406956/shell-exec.-focus-on-tax-reform-not-subsidies/
But yet again media outlets are providing contradicting figures because according to CNN money the total energy subsidies for 2011 was 24.2 billion and 16 billion of the subsides was for bio fuels. The Congressional Budget Office stated the energy subsidy was 2.5 billion for fossil fuels in 2011.
Maybe not every company benefits from tax credits but Ben and Jerry's, Microsoft, Apple, GM, Ford, Chrysler, Nike, Starbucks, McDonalds, Burger King, and insert name for your profit company here. Second 11,000 people for the entire industry, not XOM I was not aware XOM is going on trial for the entire industry. When the big 5 employ 350,000 people how many of the 11,000 people who lost their jobs employed by the oil industry were employed by companies that are having a hard time to remain profitable? In case you have not noticed the last 5 years the economy has been pretty bad the worst that I have seen in my life. You are quoting a figure for the entire industry. If your numbers were accurate the total subsidies how much money in XOM as a single company receiving? Because just in taxes the single corporation of XOM is paying more than what the entire industry of oil is receiving by the figures you quoted. Also there was a 4% reduction in petroleum produced but I have not seen where US production has decreased. Is this figure worldwide? Because if a global company is producing less in Saudi Arabia but is producing a equal or more amount in the US I believe that the subsidy is working as intended.
