Monthly Archives: May 2011

Ending subsidies to big oil companies

A scene from Chicago at the office.

George, was talking loud as he always does; “I fill up the tank twice a week.  When I fill the tank, it costs $55”.  Just everyone, including the employees at the gas stations agree that the gas prices are up and it is a problem.

The Senate Finance Committee held a hearing of the executives of the largest oil companies today on on “Oil and Gas Tax Incentives and Rising Energy Prices.”

So could the legislature end the billions of the subsidies to oil companies?  When I wrote about this issue on my machine, I have been asked what exactly subsidies are.  The subsidies are the ‘handout’ of the taxpayer’s money to big oil companies.  The names are various; tax loopholes, the incentives to dig oil wells, the incentive for manufacturers, etc.

Watch this: