PR-wise, it’s not the best time to be in the crude oil business. But, despite the Obama administration’s efforts to highlight tax breaks for the industry—tax breaks that all businesses receive—it’s just not true that oil industry lobbyists have captured
He points out, for example, that the
And let’s not forget taxes. Hodge writes:
Between 1981 and 2008, the oil industry paid more than $388 billion to the federal and state governments in corporate income taxes and almost twice that amount, $683 billion, to foreign governments.
Excise tax collections have grown steadily. Between 1981 and 2008, $1.1 trillion was collected in excise and sales taxes on petroleum products. In 1999 governments collected $59 billion, more than twice the industry’s net profits that year. In severance, property and so-called windfall profit taxes, the industry paid more than $472 billion over that 27-year period.