So Much For “Free Markets”
According to the Congressional Budget Office oil companies are subsidized with tax breaks a every stage of the exploration and extraction process.
At the same time the oil and gas industry has spent $340 million on lobbyists since 2008.
The View From My Porch
For all of you out there that say we need to release market forces, I say tell your congressman to eliminate tax subsidies (also known as corporate welfare) NOW! Let’s see how these industries do when the playing field is leveled and they really have to compete with other forms of energy.
If the subsidies given to the oil and gas industry were eliminated, solar and wind energy would be by far the most economical sources of energy. Bar none. By harnessing the natural activity of the planet, we could reduce our dependence not only on oil but on coal and atomic.
New investment in alternative energy production will also be good for the economy. It will mean new jobs and new opportunities, new manufacturing and completely new industries.
The oil companies whining about an oil tax to fund clean ups is just so much balderdash. If they had to really pay their way, they know solar and wind would be far cheaper.
Oil Companies Reap Billions From Subsidies – NYTimes.com.
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