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Politics : American Presidential Politics and foreign affairs
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To: DuckTapeSunroof who wrote (43457)5/25/2010 11:22:04 PM
From: TimF  Read Replies (2) of 71588
 
Oil companies have a rich history of U.S. subsidies

A lot of the frequently claimed subsidies aren't subsidies. Some just not in a technical sense, but some not at all (things like tax breaks that are broadly available, or US military operations in the Middle East). Which is not to say there are not a few real subsidies, and in much larger amounts targeted tax breaks that have the same basic effect; but at the same time the state and federal governments make a ton of revenue from oil and its refined products. They make more from taxes on the industry and its products than the industry makes from oil oil distillates. So it would seem that the government is really receiving the subsidies, and on the net imposes costs, not subsidies on the industry.

Some say the Gulf of Mexico catastrophe can be linked to Congress' policy of oil-friendly tax breaks and financial benefits.

Some say all sorts of groundless things.
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