Romney Supports Stealing Your Tax Dollars for Big Oil CompaniesSubmitted by myajace on Mon, 08/13/2012 - 09:17
In 2011, the top five oil companies (BP, Chevron, Conoco, Shell, Exxon Mobil) posted a combined profit of $137 billion. In the first quarter of 2012, these companies earned a combined $33.5 billion. Last year, these fossil fuel companies got $11 billion in government subsidies.
The fossil fuel industry receives nearly six times more in government subsidies than the renewable energy industry. This creates significant entry barriers for the renewable energy industry and stifles competition. Why is it that oil and gas companies are allowed to deduct up to 80 percent of the costs of drilling? Why do loopholes allow corporations like BP to deduct costs incurred from cleaning up spills and paying damages? How can we expect oil companies to prevent spills if they can rely on taxpayers to pay for cleanup?
Mitt Romney probably doesn’t pump his own gas, but he definitely has some friends who are oil executives. They’ve got his ear and they’ve lined his pockets, and they are counting on him to maintain their precious tax breaks. It’s time for Romney to stop dancing around the issue and admit that he wants taxpayers to subsidize his Big Oil friends who are making billions off of skyrocketing gas prices. Romney’s chief energy advisor, billionaire oil executive Harold Hamm, has vocally urged Congress to maintain the tax breaks he enjoys.
Four questions for Romney's chief energy advisor, Harold Hamm:
1. If you still need special tax breaks after your stock nearly tripled in value in three years, when would your billion-dollar company not need taxpayer help?
2. Given that you are one of the world's top 100 wealthiest people, do you defend tax subsidies so you have more money to give to Super PACs?
3. Are the billions in subsidies you already receive not enough for you to act to prevent toxic oil spills?
4. Can you identify which position on the Forbes Billionaires list a wind executive would have to obtain before he or she should be eligible for a tax credit?