Tag: oil subsidies

If you hear someone laughing the next time you fill your car with gasoline, look around and see if you can't spot an oil executive on his way to the bank.

The Congressional deficit reduction “supercommittee” that has been charged with finding $1.5 trillion in budget savings by Thanksgiving could save billions by eliminating tax breaks and subsidies for oil and gas companies, which advocacy groups from across the ideological spectrum support, but energy companies are battling to keep their good deals.

Even as a non-partisan report was released showing that cutting tax breaks for oil companies would probably not result in higher pump prices for American drivers, the United States Senate voted Tuesday to continue letting oil companies avoid taxes.