12 days of giveaways - Day 8

Breadloaf Wilderness Vermont 

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What gifts will the fossil fuel industry receive this year courtesy of the American Taxpayer? Find out in our ongoing 12 days of Giveaways holiday guide to the gifts we give to Big Oil, Big Gas, and King Coal.

On the eighth day of fossil fuel giveaways we gave the oil, gas and coal industry...

Expensing of Liquid Fuel Refineries - Cost: $2.3 billion

This deduction was enacted as part of the 2005 Energy Bill. It allowed oil and gas companies to deduct the expenses of purchasing equipment to turn oil and natural gas into usable fuels. Seeing as they are getting tax breaks to get the oil and gas out of the ground, and revenue from consumers who pay them for the final products like gasoline, this is clearly one more expensive giveaway to an oil and gas industry that doesn’t need any help.

(Sources: House Natural Resources Committee and US Treasury)

The Dirty Dozen:

Day 1
Day 2
Day 3
Day 4
Day 5
Day 6
Day 7

Day 9
Day 10
Day 11
Day 12