It was close to 2 a.m. when Rep. Edward J. Markey (D-Mass.) and others on a House-Senate conference committee saw just how much clout the oil industry had when it came to winning special tax breaks and other financial benefits from Congress. At issue was the 2005 Energy Policy Act — the largest energy bill in years. The committee chairman, Rep. Joe L. Barton (R-Texas), a friend of the industry, had saved some big issues for the end: billions of dollars in tax and royalty relief to encourage drilling for oil and gas in the Gulf of Mexico and other offshore areas. There was even a $50-million annual earmark to support technical research for the industry.
http://www.latimes.com/news/science/environment/la-na-oil-spill-subsidies-20100525,0,4976172.story
The Moon is Waning Gibbous (100% of Full)
Oil companies have a rich history of U.S. subsidies
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May 24, 2010 07:57PM |
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