First Step in Shifting to Cleaner Energy: End Unjustified Tax Loopholes for Oil and Gas

Source: Jeff Hooke and Steve Wamhoff, Citizens for Tax Justice, July 2, 2008

From an article:
A report released by Citizens for Tax Justice in July makes this argument and explains just how well oil and gas company stockholders are doing, just how little they invest in alternative energy, and how much they have siphoned from federal revenue through tax loopholes. For example, the report cites the American Petroleum Institute (API) which admits that in the six years stretching from 2000 through 2005 the oil industry only put a total of $1.2 billion towards investment in alternatives to fossil fuels, which is just 0.3 percent of its $383 billion in net profits over that period. If this figure had increased since then, the industry would surely be publicizing that fact.
See also:
Colorado Faces Choice Between Expanding Education or Continuing to Subsidize Oil Industry
Impacts of Increased Access to Oil and Natural Gas Resources in the Lower 48 Federal Outer Continental Shelf

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