Blog Tags: Tax Brakes
Andy Sharpless is the CEO at Oceana.
What will lower your gas prices at the pump?
If you were to listen to national politicians and the marketing of the oil and gas industry, they would tell you that increased domestic drilling will lower your gas prices – and that tax breaks for oil companies will help get us there.
But this simply isn’t true, and it’s been proven time and time again. Oil is a global commodity hunted and extracted by multinational corporations who will sell the oil to the highest bidder, not simply to the citizens of the country where the oil was found. What’s more, the U.S. is a relatively oil-poor country – estimated to have 2 percent of world oil reserves – so even extracting all its oil resources will affect pump prices only by pennies, and will take a decade to be realized.
The oil industry is currently enjoying $4 billion a year in tax breaks from the U.S. government. Surging profits this year for the industry – up 74 percent to more than $100 billion – show that it could easily pay its fair share of taxes. Even if we weren’t currently having a national conversation about balancing the federal budget, this policy is not sensible.
So it was with pleasure last week that I stood outside the U.S. Capitol along with five U.S. senators, six representatives and the Sierra Club to speak out against tax subsidies for oil companies.
By ending billions in tax breaks for oil companies, the U.S. government will protect American taxpayers as well as our beaches, paving the way for a clean energy future.
We'll continue to fight for this crucial change. Your support makes it possible.
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