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

authordefault
on

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.

Related Posts

on

The conference featuring Nigel Farage and Suella Braverman descended into chaos as police were called.

The conference featuring Nigel Farage and Suella Braverman descended into chaos as police were called.
on

Activists aim to make it “politically toxic” for elected representatives to associate with coal, oil and gas companies.

Activists aim to make it “politically toxic” for elected representatives to associate with coal, oil and gas companies.
on

Parliamentary candidate Noel Matthews, who has sacked candidates accused of supporting far-right figures, previously defended the EDL founder.

Parliamentary candidate Noel Matthews, who has sacked candidates accused of supporting far-right figures, previously defended the EDL founder.
on

Lord Agnew is a shareholder in Equinor, the Norwegian oil and gas firm behind the ‘carbon bomb’ Rosebank oil field.

Lord Agnew is a shareholder in Equinor, the Norwegian oil and gas firm behind the ‘carbon bomb’ Rosebank oil field.