End fossil fuel welfare handouts paid for by taxpayers

[Riot]

Originally Posted by geeker2

and let's not leave out these Renewable Blood-suckers!

Energy Incentives for Businesses in the American Recovery and Reinvestment Act

http://www.irs.gov/newsroom/article/...209564,00.html

Exactly. Thanks. You've itemized the untenable, massive difference in government choosing winners (Big Oil) and losers.

Multiple billions to the oil companies and their stockholders at our expense, while the rest of the energy industry - inherently less expensive and cleaner to produce - struggles along.

We're broke. The massive subsidies propping up the record profit-taking of the oil industries must stop. Why does the number one company in profit in the country need billions in subsides? Let's end those subsidies, and use that money to pay down the deficit.

Repeal Big Oil Tax Subsidies Act of 2012

S.2204, the Repeal Big Oil Tax Subsidies Act of 2012, would eliminate over $20 billion dollars of annual tax subsidies for “major integrated oil companies” – the five biggest, most profitable private sector companies. Smaller, independent producers will not be affected.

Last year, the five biggest private sector oil companies—BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell Group — made a record $137 billion, and every additional penny they charge at the pump increases their profits by $200 million dollars per quarter. Yet each year Big Oil receives billions of dollars in taxpayer subsidies. The Repeal Big Oil Tax Subsidies Act eliminates these unnecessary subsidies.

The only way to really prevent gas price spikes is an energy strategy that reduces our dependence on foreign oil by exploring responsibly and investing in clean energy technology. The Repeal Big Oil Tax Subsidies Act uses the savings from unnecessary subsidies for Big Oil to support growing clean energy industries like alternative fuel vehicles, advanced manufacturing, wind, and solar.

The Repeal Big Oil Tax Subsidies Act would renew incentives for clean energy technologies like the Section 1603 grant program and Section 48C Advanced Energy Manufacturing Tax Credit.

Additional savings from the Big Oil Subsidies ended by the Repeal Big Oil Tax Subsidies Act would also be used to help bring down the federal deficit.