Why Won't Big Oil Subsidies Die? : TreeHugger - 16 views
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Energy Net on 14 Sep 11"Obama tried cutting oil subsidies in his very first federal budget proposal, and it didn't fly. He and the Democratic members of Congress tried again earlier this year, hoping that the Tea Party's incessant yelling for spending cuts would translate into Congressional support for one of the most obvious spending cuts in the history of spending cuts. But no such luck. And get this: The true amount we pay in oil subsidies is waaaaaaaaaaaaay more than $4 billion a year. In fact, the far-right libertarian think tank the Cato Institute once calculated the true cost of subsidizing oil to be in the range of $78-150 billion -- yep, billion -- per year. A lot of these expenditures come from the massive amount of security needed to protect oil, both at its source in volatile regions and along international shipping routes 'round the world. The US gov expends much effort and capital to help safeguard the oil companies' product and operations -- it's in the national interest, after all, that everyone be able to continue purchasing Exxon gasoline. So you'd think that paring a comparatively meager $4 billio"