Oil companies are reaping massive profits and skirting taxes (with the help of fossil-fuel-friendly politicians) while the U.S. is in a debt crisis. Is that fair?
While the general public suffers through very difficult economic times and the threat of government shutdowns, the oil industry is reaping good profits, (more…)
All Americans should be aware of what’s happening in Washington in this critically important area that affects every one of us. Earlier this week, 48 Senators, including three Democrats and all but two Senate Republicans voted to defeat a bill that would have ended tax breaks for the five biggest oil companies. (more…)
Democrats renewed their push to cut oil subsidies this week, saying high gasoline prices and big revenues for oil and gas companies make this as good a time as any to eliminate billions in annual tax incentives to the industry. Republicans countered that higher taxes on oil companies would only mean higher prices for consumers.
This afternoon the President wrote a letter to leaders of both parties in Congress on the subject of tax breaks for oil companies. The President's letter comes a day after Speaker of the House John Boehner said that eliminating those tax breaks is "certainly something we should be looking at," adding that, "We're in a time when the federal government's (more…)
After burning through five energy ministers, President Rafael Correa was finally able to pass the petroleum reform that replaces a production-sharing model with a flat rate per barrel produced payment scheme. The oil of Ecuador now belongs to the Ecuadorian state.
By now there’s little debate that the technology used to obtain oil in deeper waters was developed and rapidly put into use before safety technology could keep up. As we’ve noted, that’s a development that regulators allowed, despite their concerns.
But the expansion of deepwater drilling wasn’t solely a result of industry rushing into deeper waters and toward greater profit. According to the Los Angeles Times, it was also encouraged by the federal government, which gave oil companies tens of billions in tax breaks, subsidies, and royalty relief. Many of these incentives have outlasted their initial purpose, according to the Times: (more…)