Oil subsidies are tax breaks and incentives the oil industry receives from federal and state governments.
Oil Subsidies and the U.S.
President Barack Obama has proposed to end oil subsidies in his 2012 budget request, saving $4 billion for the federal budget. Tax hikes on oil and gas are proposed instead, which would increase the price of oil and gasoline for consumers.c Obama is also keeping subsidies for coal, nuclear and other energy sources.cOil production remains one of the most heavily subsidized American businesses.c
Current U.S. Oil Subsidies
Government R&D: The U.S. Department of Energy has routinely spent millions of tax dollars on oil research and development and while Obama's proposed 2012 budget cuts this funding, it will not be enough to make a major difference in American pockets.- Enhanced Oil Recovery Tax Credit: Currently, a 15 percent tax credit is provided for oil producers even
though enhanced oil recovery processors are no longer in use. - Marginal Well Production Credit: A safety-net tax provision for marginal wells, which produce 15 or less barrels of oil a day, produce heavy oil or produce mostly water, this credit serves little purpose and has been recommended for repeal by Congress.c
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Fast Facts
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2007
Democrats want to take away oil subsidies to fund renewable energy sources -
Fact:
Currently, oil companies use "last in, first out" accounting to reduce taxes by $5 billion annually
