New Analysis Finds $33 Billion in Taxpayer-Funded Giveaways

Big Oil benefits from tax loopholes, royalty rollbacks, R&D subsidies and accounting gimmicks

WASHINGTON - July 31 - Even though it is already experiencing record profits, the oil and gas industry is set to receive at least $33 billion in handouts from taxpayers over the next five years, according to a new analysis released today by Friends of the Earth.

“This is a tremendous sum for taxpayers to be doling out to the oil and gas industry,” said Friends of the Earth’s Erich Pica, who authored the analysis. “The corporate fat cats at these big oil companies are already earning record profits—they don’t need our tax dollars too. There are far smarter places to use this money, including bringing down energy costs by investing in the clean power sources of the future, such as wind and solar.”