Tuesday, July 13, 2010

Subsidies for oil

Although the US thinks of itself as importing huge amounts of oil (which we obviously do), the Gulf spill has also refocused attention on how much we produce ourselves. Domestic production, when it is adequately regulated, is a wonderful thing. Like many domestic industries, though, it has considerable influence in Congress, and over the years it has secured itself some serious tax breaks. Yesterday's New York Times features an editorial about how once useful but now outdated tax breaks for the oil industry could save taxpayers as much as $80 billion! Hopefully my colleagues who advocate small government will join me in supporting the cutting of these subsidies....

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