- Big Oil Takes Our Tax Dollars
Big Oil Takes Our Tax Dollars
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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.