One of their main lines of attack (used repeatedly by Romney in his first debate with President Obama) is that the federal government is picking energy “winners and losers.” Romney says he will not invest in “chasing fads and picking winners and losers” among energy technologies and will instead allow the free market to determine energy development.
Romney is right about one thing: The government does pick winners and losers in the energy sector. What Romney has not told the American people, however, is that the big winners of federal support are the already immensely profitable fossil fuel and nuclear industries, not sustainable energy.
Let me give you just a few examples of outrageously strong federal support for Big Energy companies:
- BP, after causing one of the worst environmental disasters in the modern history of America, was able to take a large tax deduction on the money it spent cleaning up the oil spill in the Gulf of Mexico.
- Coal companies are able to sign single-bid sweetheart leases to mine on federal lands without paying fair value in royalties to the taxpayers of this country.
- In 2009, ExxonMobil, one of the most profitable corporations in this country, paid no federal income taxes, and in fact received a rebate from the IRS. Many other large and very profitable oil companies also have managed to avoid paying federal income taxes in certain years.
But it is not just fossil fuel companies. The nuclear industry also benefits from massive corporate welfare. The nonpartisan Congressional Research Service reports that the nuclear industry has received over $95 billion (in 2011 dollars) in federal research-and-development support in the last 65 years. Nuclear corporations currently have access to billions in federal loan guarantees to build new plants and enrich uranium. They also have federal tax incentives for mining uranium, producing nuclear electricity, and even decommissioning plants.
- wozziebear reblogged this from sarahlee310
- starlightslk likes this
- chazzfox reblogged this from blueraysunshine
- blueraysunshine reblogged this from truth-has-a-liberal-bias
- blueraysunshine likes this
- danthekyman likes this
- jsarevisited likes this
- beatledaze reblogged this from truth-has-a-liberal-bias
- timekiller-s likes this
- etheleato reblogged this from truth-has-a-liberal-bias
- etheleato likes this
- truth-has-a-liberal-bias reblogged this from other-stuff
- butchrosser likes this
- 6dogs9cats reblogged this from reagan-was-a-horrible-president
- introvertedart reblogged this from reagan-was-a-horrible-president
- introvertedart likes this
- steamfitter reblogged this from reagan-was-a-horrible-president
- steamfitter likes this
- satanic-capitalist reblogged this from reagan-was-a-horrible-president
- trotskitty likes this
- warlikeparakeet88 likes this
- stephmald5 likes this
- avatareverlark likes this
- reagan-was-a-horrible-president reblogged this from sarahlee310
- randomactsofchaos reblogged this from sarahlee310
- randomactsofchaos likes this
- reagan-was-a-horrible-president likes this
- truth-has-a-liberal-bias likes this
- other-stuff reblogged this from sarahlee310
- reactorboy likes this
- riddaonthestorm likes this
- sarahlee310 posted this