Oil Tax Subsidies in Budget Reconciliation Bill
by Guest Blogger, 2/27/2006
Buried deep within the budget reconciliation bill are billions of dollars worth of tax subsidies. As this article points out, the subsidies do not come from oil, but from "the marketing of a dubious concoction of synthetic fuel produced from coal and dependent on government tax credits tied to the price of oil." Specificallyy, the bill reverts the price of a barrel of crude oil back to the amount it sold for two years ago. This "pretend price" benefits a small group of politically well connected investors and companies.
CNN.com: A Magic Way to Make Billions
