Pressure Builds to End $4 Billion in Taxpayer Subsidies for Oil Companies
In these days of federal budget-cutting (and high gas prices), it was only a matter of time before subsidies for oil companies came under closer scrutiny. That moment has come.
Chatter has been building for a few weeks and things came to a head this past Saturday, when President Obama used his weekly address to make the case for putting an end to the $4 billion that U.S. taxpayers contribute to the oil industry. However, it’s important to note that President Obama did not present the issue as a savings of $4 billion to trim the deficit. Instead, it’s $4 billion that could be better invested in clean, renewable energy.