Tag Archives: oil subsidy

One Bad Energy Subsidy Expires – NYTimes.com

7 Jan

The corn ethanol subsidy is gone. Now cut the oil subsidies and put money into renewables:

Congress should now focus on the oil industry, which has long enjoyed a web of arcane and unnecessary tax breaks — deductions for well depletion and intangible drilling costs. They are unique to the industry and, when combined with other subsidies, cost roughly $4 billion a year.

President Obama has tried twice to kill these subsidies, without success. We hope he tries again in his coming Budget Message. The Congressional Research Service says that ending the subsidies would have no effect on gas prices for consumers and only a trivial effect on industry profits, which have been at record highs.

via One Bad Energy Subsidy Expires – NYTimes.com.