No More Subsidies for Oil Industry

Excerpts:

The Obama Administration is on the right track with its proposals to get rid of various unmerited federal tax provisions that have in effect subsidized the oil and gas industry for decades. Instead of providing even more taxpayer subsidies for the world’s’ richest industry, the tax loopholes that have benefited the oil and gas industry for decades should be closed, and the additional revenues that would flow to the Treasury – tens of billions of dollars – should be devoted to assisting in the development of new, clean technologies and the implementation of the vast array of energy-efficiency measures that will reduce our dependence on fossil fuels, while maintaining and strengthening our economy.