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As Oil Industry Fights a Tax, It Reaps Subsidies

Date: July 3, 2010
Author: David Kocieniewski
QUOTE: With federal officials now considering a new tax on petroleum production to pay for the 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. 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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