White House Eyeing Phasing Out of Fossil Fuel Subsidies
September 20, 2009
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[...] might phase out subsidies to Big [...]
This is a significant direct subsidy, while other much larger “hidden” subsidies exist. Tax breaks, research grants, and especially military protection of foreign oil sources and shipping lanes represent $100 millions ANNUALLY for petroleum. If we were to remove those, the actual pump price of gasoline would surge to over $10 per gallon, as the oil companies would have to take on their own business expenses instead of raiding our weekly paycheck withholding taxes.
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