The EIA Says Now is the Time to Drop Fossil Fuel Subsidies
With
domestic oil production soaring, and petroleum and coal sector profits
rising at a rapid clip, now seems the right time to cut back on tax
expenditures related to oil extraction and processing.Figure 1: US oil
field production in thousands of barrels/day (blue, left axis), and
profits in the petroleum and coal sector according to NIPA, in billions
SAAR (red, right axis). Source: Energy Information Administration,
BEA.The Administration has proposed elimination of several tax
expenditures. According to OMB, this would yield ten year savings…Read more...http://oilprice.com/Energy/Energy-General/The-EIA-Says-Now-is-the-Time-to-Drop-Fossil-Fuel-Subsidies.html
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