GoodFuels

Taxpayers handing $33 bln to oil companies

Friends of the Earth is reporting today that taxpayers will hand over $33 billion in giveaways to oil companies over the next five years.  The report (pdf), released today, reveals that oil companies are being given “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 giveaways have increased dramatically since the 2005 energy bill, according to the report.

FOE’s Erich Pica, who authored the report, says “Congress can and should end these subsidies and invest this money in promoting affordable clean energy instead.”