World-News

Tyson Slocum, Public Citizen: 'Just what Big Oil needed: another victory. First, Congress fails to pass legislation that would respond to last summer s catastrophic oil spill in the Gulf of Mexico. Then, President Barack Obama announces that his administration will expand offshore drilling, which means more money for the oil industry. But now, despite overwhelming public support, the US Senate has failed to pass the Close Big Oil Tax Loopholes Act (S. 940), which would have repealed tens of billions of dollars in tax breaks for oil and gas companies over the next decade. Big Oil is racking up the victories while working families pay the price. Yet again Big Oil defies the odds and gets a minority of lawmakers to support its narrow agenda at the expense of the American public.'

http://www.truthout.org/senate-gives-big-oil-another-free-pass/1305814346



Taxpayers Subsidize Big Oil, World s Most Profitable Industry

Rinaldo Brutoco and Madeleine Austin, World Business Academy: 'US oil companies earn about $3 billion in profits every week, yet get $4 billion in taxpayer subsidies every year. In the first quarter of 2011, Big Oil s profits were up 38 percent from the first quarter of 2010.... The industry s outsize profits didn t stop it from squealing like a stuck pig over proposals to trim $2 billion from its annual subsidies and use the revenue to reduce the deficit by about $21 billion over ten years. The oil companies tried to characterize the end of their subsidies as a 'tax hike,' despite growing and widespread recognition across the political spectrum that tax breaks are just another form of government spending.'

http://www.truth-out.org/taxpayers-subsidize-big-oil-worlds-most-profitable-industry/13059209



http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Obama
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=lawmaker
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Big+Oil
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=oil+spill
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=drilling
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=tax+break
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=taxpayer
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Tyson+Slocum
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Rinaldo+Brutoco
http://www.sharenews-blog.com:8090/helma/twoday/sharenews/search?q=Madeleine+Austin

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