Oil companies launch new bid to save their tax breaks

Good thing gas wells like this one get tax breaks

Courtesy BLM

If you’re the oil and gas industry, you’re probably a little spooked these days.

 

If you’re the oil and gas industry, you’re probably a little spooked these days. Americans are driving more fuel-efficient vehicles, and the price of natural gas is at near-record lows. Some members of Congress are even talking about ending a century’s worth of tax breaks and giveaways to the oil industry in order to help balance the federal budget.

Well the oil and gas industry isn’t taking this lying down! The American Petroleum Institute has rolled a new series of television ads to convince Senators and Representatives in Washington not to take away their precious tax breaks.

The ads equate “closing loopholes” with “raising taxes on everybody.” Left out of the conversation is how much these “loopholes” are costing everyday Americans: at least $4 billion every year. So really, ending these loopholes doesn’t raise taxes on everybody – it actually cuts out billions annually.

The most ironic part of the ads is the website that API directs people to at the end – www.energytomorrow.org (surprisingly, www.yesterdaysenergy.org is still available).

With climate change threatening wild lands and communities, relying on the very fossil fuels that are causing it is a dangerous habitat. Energy for tomorrow is energy from renewable sources like wind and solar, not from drilling ever-deeper holes in the ground.

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