By Rebecca Leber
These five oil companies (click here) received $6.6 million in federal tax breaks every day.
By DAVID KOCIENIEWSKI
Published: July 3, 2010
When the Deepwater Horizon (click here) drilling platform set off the worst oil spill at sea in American history, it was flying the flag of the Marshall Islands. Registering there allowed the rig’s owner to significantly reduce its American taxes....
...At the same time, BP was reaping sizable tax benefits from leasing the rig. According to a letter sent in June to the Senate Finance Committee, the company used a tax break for the oil industry to write off 70 percent of the rent for Deepwater Horizon — a deduction of more than $225,000 a day since the lease began....
...In 2011, the three largest domestic public oil companies spent $100 million of their profits each day, or over 50 percent, buying back their own stock to enrich their board, senior managers, and largest share holders....The entire oil and gas industry spent on average $400,000 each day lobbying senators and representatives to weaken public health safeguards and keep big oil tax breaks, totaling nearly $150 million....
...Exxon CEO Rex Tillerson’s compensation came close to $100,000 per day last year....
...Fueled by Koch Industries and other Big Oil interests, the industry is
spending hundreds of millions to fund false ads in this year’s
elections. According to the Annenberg Public Policy Center, 85 percent
of the dollars have funded false ad, during a season where most advertising have focused on energy....Are Americans willing participants in the lies and deceptions? Jobs, profits and otherwise. The fear of change has an astounding methodology of learned ignorance.
Anna Gillespie's sculpture "I Don't Want to Know"
Americans are creating their own propaganda and climate crisis by subsidizing the petroleum industry. Crony politics. It pays for election campaigns. The subsidies and tax provisions go directly back to the politicians that vote for them.
