Tom Paine on Industry Giveaways

Tom Paine has an interesting article on an overlooked government handout to the oil and gas industry. When the U.S. House of Representatives voted to eliminate $14 billion in tax breaks and subsidies for the oil and gas industry on January 18, it left at least one item off its target list: a billion-dollar handout to a research consortium that includes publicly traded companies that reaped $100 billion in profits in 2005. Without congressional action, the money will soon begin flowing to the Research Partnership to Secure Energy for America, a 501(c)(3) formed in 2002 by the Gas Technology Institute, a natural gas research organization that was facing the loss of a federally-mandated source of income that once topped $200 million annually. Championed by disgraced former House Majority Leader Tom DeLay, R-Texas, the oil and gas subsidy was slipped late one night into the massive Energy Policy Act of 2005 after a House-Senate conference committee had completed its deliberations on the bill. The conferees thus had no chance to consider the provision before it reached the House and Senate floor. Though this is not the first time we have seen a corporate giveaway stealthily inserted into a bill in the early hours of the morning, it is a striking example of how taxpayers get bilked by corporations and Congress.
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