Massive Profits, High Gas Prices and $33 billion in Taxpayer Giveaways to Big Oil

onJul 30, 2008 @ 17:42 PDT

Over the next 5 years oil companies will receive $33 billion in taxpayer funded giveaways.

According to the report set to be released tomorrow morning by the Friends of the Earth, (pdf) the $33 billion in taxpayer dollars will come to Big Oil through tax loopholes, royalty rollbacks and research and development subsidies.

“This is a tremendous sum for taxpayers to be doling out to the oil and gas industry,” said Friends of the Earth’s Erich Pica, who authored the analysis. “The corporate fat cats at these big oil companies are already earning record profits-they don’t need our tax dollars too. There are far smarter places to use this money, including bringing down energy costs by investing in the clean power sources of the future, such as wind and solar.”

Friends of the Earth’s analysis found that over the next five years oil 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 analysis found that tax giveaways have increased dramatically since the passage of a Republican-drafted energy bill in 2005.

By Emily Murgatroyd

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