Big Oil's Lust for Tax Loopholes

Some analysis today from the Climate Spectator on the tax loopholes given to US oil companies by the US government. Loopholes that President Obama is trying to close but Oil companies (naturally) are trying to hold on to in spite of record profits.

As oil prices rise, so do Big Oil company profits. But even with their cash registers overflowing with dollars from struggling families, Big Oil is mobilising to defeat President Obama's proposal to invest $4 billion annually in clean energy programs by ending unnecessary tax loopholes for this highly profitable industry.

The big five oil companies – BP, Chevron, ConocoPhillips, ExxonMobil, and Shell – made a total profit of nearly $US1 trillion over the past decade. The three oil companies that have reported their 2010 profits nearly doubled their profits compared to 2009.

And

The oil and gas industry argues its tax breaks are essential to its ability to create jobs, but the evidence indicates that clean energy investments are a more cost-effective job creator. A University of Massachusetts study found that investment in clean energy creates anywhere from two to four times more direct and indirect jobs compared to the same investment in oil and gas production. Investing $1 million to retrofit buildings to make them more energy efficient creates three times more jobs than a $1 million investment in oil and gas. An investment in wind energy creates two and a half times more jobs compared to the same investment in oil and gas.

Full article here- http://www.climatespectator.com.au/commentary/big-oils-lust-tax-loopholes