The True Cost of McCain’s Oil Industry Subsidies for Every State

Source: Ben Furnas, Daniel J. Weiss, Center for American Progress, August 11, 2008

Oil and gasoline prices are setting all-time records, helping the five biggest publicly traded oil companies in the world earn a staggering $148 billion in profits over the past year. At the same time, the U.S. government continues to provide massive subsidies to oil companies.

If elected, John McCain would preserve and create $39 billion in federal help to the oil and gas companies over the next five years. These same dollars could be better spent investing in efficiency and alternative sources of energy that would save American families money, create thousands of new jobs, and help to power millions of homes with clean, renewable sources of energy.

This report shows the state-by-state costs to taxpayers both in lost tax revenue and in lost opportunities to invest in renewable energy and create new jobs.

Leave a Reply