Obama Budget Slashes Giveaways to Big Oil
For Immediate Release
Contact: Nick Berning, 703-587-4454 Erich Pica, 202-783-7400
Obama Budget Proposal Would Slash Giveaways to Big Oil
WASHINGTON, D.C.The budget proposal released today by the Obama administration would slash taxpayer giveaways to the oil and gas industries by tens of billions of dollars. Friends of the Earth Domestic Programs Director Erich Pica had the following statement:
The days of Big Oil earning record profits while feeding at the taxpayer trough are coming to an end. President Obamas decision to put an end to these giveaways is a huge victory for taxpayers and the planet.
The Obama budget proposal includes:
A tax on oil and gas companies that are failing to pay oil royalties on Gulf of Mexico leases issued between 1996 and 2000. The repeal of former Representative Tom Delay’s Sugarland deepwater oil and gas research program. Repeal of eight land standing oil and natural gas tax breaks some of which dating back to the creation of the tax code.
The Wall Street Journals Environmental Capital blog reported today that the presidents budget would increase taxes and fees on the oil and gas industries by more than $30 billion. Last July, Friends of the Earth released an analysis showing that these industries stood to reap nearly $33 billion in tax breaks and subsidies.
Friends of the Earth will release a more thorough analysis of Obamas proposed budget tomorrow.
Friends of the Earth (www.foe.org) is the U.S. voice of the worlds largest grassroots environmental network, with member groups in 77 countries. Since 1969, Friends of the Earth has fought to create a more healthy, just world.