None at all; oil subsidies, like most business “subsidies” are tax breaks, not money paid out. Most, but not quite all, oil subsidies are identical to those available to all industry.
Money not paid out is money not taken in. Who do you think the government will look to in order to make up the difference? $340 million was spent on lobbying alone since 2008 (as of July 2010); a number that high usually indicates a vastly greater return on such an investment. The answer to your question varies, depending on who you ask. According the American Thinker, it’s $1.7 billion for the domestic manufacturing deduction, $1B for percentage depletion allowance, $850 million for foreign tax credit, and $780M for the mere cost of doing business for a grand total of $4.33 Billion a year. With oil company profits rising directly with the price of gas, we can expect to see these numbers increase with our Administration’s recent denial of ending some of these “tax breaks”.
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