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Oil industry among “most subsidized” businesses
Tuesday, July 6, 2010
New York Times: “With federal officials now considering a new tax on petroleum production to pay for the [Gulf oil catastrophe] cleanup, the industry is fighting the measure, warning that it will lead to job losses and higher gasoline prices, as well as an increased dependence on foreign oil,” writes David Kocieniewski. “But an examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process.”
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