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October 11, 2012 / needhamgrassroots

Dirty Energy Subsidies

Conservatives say that dirty energy subsidies don’t exist. It is really difficult to move forward as a country and find solutions to our energy and environmental problems if a significant segment of the electorate (and legislators) function in an alternate universe.

from Texas Comptroller – Federal oil and gas subsidies come in the form of tax incentives for producers and investors; reduced royalties paid by producers for oil leases on federal lands; very small, targeted appropriations to pay for oil and gas research and development; and appropriations for pipeline safety programs and the nation’s Strategic Petroleum Reserve.

In 2006, federal tax subsidies for the oil and gas industry amounted to an estimated $3.5 billion, based on tax data from the U.S. Office of Management and Budget (OMB) and additional analysis by the Comptroller. The largest oil and gas tax subsidies are the Expensing of Exploration and Development Costs Credit, the Percentage Depletion Allowance and the Alternative Fuel Production Credit. All are intended to increase the production of domestic oil and gas.

read more: http://www.window.state.tx.us/specialrpt/energy/subsidies

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