Quote:
Originally Posted by redpoint5
I'd like to know the details on "oil subsidies" one of these days. It's talked about a lot, but what specifically do they entail, and for what purpose?
All businesses get to write off their expenses, so that cannot be included in what we call "subsidy". When I get time I'll try to look it up, but I've never seen someone post exactly how much the oil industry gets in subsidy, and how it is justified.
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It's the oil depletion allowance.It used to be (I think) 28%,then later,it was lowered to 26%
It has allowed the oil industry to write off the first 26-cents of every net dollar they earn,paying corporate income tax only the remaining 74%.
And knowing the American Bar Association,an attorney representing,say,wind or solar,will make the claim that the Sun is a finite energy source,will Red Dwarf one day, rendering itself useless;and in fairness to the wind and solar industry,an incentive must be made,as is made for oil and gas,or else we're looking at prejudice and discrimination.
Presently,when other factors are added in,as with externalities,oil and gas,worldwide receives $5.3-Trillion / year.