Monday, July 14, 2014

Taxpayer subsidy keeps oil industry from crashing

Grist: "The fracking boom has led to a surge in oil and natural gas production in recent years: Oil production is up by 35 percent since 2009, and natural gas production is up by 18 percent. With more revenues, expenditures, and profits in the oil and gas industries, the value of the various tax deductions for the oil industry has soared. So, for example, the deduction for “intangible drilling costs” cost taxpayers $1.6 billion in 2009, and $3.5 billion in 2013."

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