This is the first in a series of state specific analyses Taxpayers for Common Sense is completing on energy industry subsidies, profits and production. The goal of these analyses will be to raise awareness of the national subsidies the oil and gas industry receives.
In 1916, US taxpayers provided the oil and gas industry with its first federal tax break. Over the decades, more lucrative tax breaks have been added, helping the industry to prosper. The latest installment came with the passage of the 2005 Energy Policy Act, which included another $2.6 billion in subsidies for oil & gas companies. In all, oil and gas companies are expected to receive more than $20 billion in subsidies over the next five years, according to this new analysis.
When reports of the oil and gas industry’s record profits hit the news, you didn’t have to look hard to see why. Prices at the pump have soared and taxpayers’ heating bills are not far behind. With taxpayers’ pocketbooks hit hard, high profits and the irresponsible practices of the oil and gas industry have garnered significant attention. Current prices and future forecasts only promise more of the same. Now is the time to end all subsidies for the oil and gas industry.
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