March 3, 2013

Oil Subsidies survive sequestration

Big oil tax breaks celebrated their 100th anniversary on the same day that sequestration went into effect. 

The oil depletion allowance went into effect March 1, 1913. Closing this tax break would save $11 Billion over the next 10 years. 

President Obama called for the elimination of the oil depletion allowance and several other big oil subsidies that would save $4 billion dollars a year. 

Congress refused to cut oil industry subsidies and instead we are cutting air traffic controllers and national park funding. 

The top 5 oil companies made $118 Billion dollars in profits at a time when consumers are paying record high prices for gasoline and heating oil. 

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