May 16, 2012
The oil industry enjoys the proud status of being the most heavily subsidized industry in the US while being the most profitable industry on earth. We seem to not care but we should; it adds $100 billion to our deficit every ten years. Of course the oil company’s, along with their public relations (news media) entities, keep denying that tax breaks are subsidies, but they’re loosing a lot of public support they once had; which is why Republican Senator James Inhofe’s office is begging the oil industry to get involved in the fight to keep those subsidies.
“Moving forward, we — your partners — would kindly ask for better coordination and communication from you to prevent the Obama administration from pulling similar stunts in the future.”
In March of this year Senate Democrats introduced a bill (the “stunt”) to end this corporate welfare, but all of the Republican Senators, along with four Democrats, successfully filibustered the bill. You can understand why when you consider the oil industry has contributed more than $23.5 million to those Senators who voted against the bill.
Never underestimate the difficulty of changing false beliefs [with] facts.
Economist Henry Rosovsky