Despite ranking among the most profitable corporations in the world, Big Oil benefits from $4 billion in annual tax breaks. It fights to maintain them through aggressive political donations, lobbying, and heavy ad spending, but also employs another tactic: Pretending these tax breaks don’t exist.
An independent panel of scientific experts today reaffirmed that an oil industry association’s study of California’s landmark clean energy law (AB32), in particular the Low Carbon Fuel Standard, was flawed on a number of fronts, saying it did not “include a full accounting of the economic impacts, or the health and welfare impacts of the legislation on the broader population and economy of the state,” such as “positive effects on the health and welfare of the citizens of California that could result from the implementation of AB32.”
Think you are being ripped off at the gas pump?
One California lawmaker wants to give the public a place to contact with complaints of price manipulation or other shenanigans.
Sen. Mark Leno (D-San Francisco) has proposed creation of an Office of Fuel Price Investigation and Manipulation Prevention at the California Energy Commission.
Leno said the new office would develop anti-fuel price manipulation standards, investigate potential incidents of illegal activity and recommend ways to reduce the volatility of gas prices in California, which last year saw some stations charge $5 per gallon.
If you’re like most people, you probably think about your food budget at least a little bit. Most likely, you try to find the best value at the grocery store, perhaps by clipping coupons or sticking to on-sale items, and limiting dining out or choosing restaurants carefully. After all, if you dined out every night at a $100-a-person restaurant you may discover very quickly that you’re going broke just trying to “fuel” yourself with food.
In unveiling his $3.8 trillion spending plan for the U.S. government on Wednesday, President Barack Obama revived his longstanding attack on oil industry tax breaks and formally launched a plan to pay for alternative vehicle research with drilling dollars.
While the tax plans are dead on arrival on Capitol Hill — where lawmakers have rejected similar proposals many times before — they drew outrage from oil and gas industry leaders who said Obama was seeking to use the sector as a piggy bank.
At this point, we can only assume that Exxon Mobil is tring its hand at a slapstick comedy routine: just as it was scrambling to clean up the Arkansas town it just dumped oil all over, it slipped and spilled a bunch of hazardous chemicals in Louisiana. Reporters could neither confirm nor deny the presence of an ensuing sad trombone sound.
President Barack Obama’s budget proposal for fiscal year 2014 would eliminate $39 billion of special tax breaks for Big Oil companies over the next decade as part of comprehensive business tax reform. These companies earned billions of dollars in recent years due to high oil and gasoline prices and do not need additional support from taxpayers. These tax breaksemerged over the past 100 years to help the then-nascent industry develop, and they relieved the oil and gas industry of $466 billion in tax payments to the federal treasury between 1918 through 2009, according to DBL Investors. Now that the oil and gas industry is fully developed and mature, President Obama’s budget would end this century of largesse.
Researchers in Europe have confirmed scientifically what parents in traffic-congested Southern California have known anecdotally for years: Poor air quality associated with busy roads can cause asthma in children.
The study, which examined children’s health in 10 cities, concluded that 14% of chronic childhood asthma cases could be attributed to near-road traffic pollution. It is the first time that medical researchers have made such a direct link — previous studies stopped at saying that traffic pollution is known to trigger asthma, not cause it.
NEW YORK — The U.S. is increasing its oil production faster than ever, and American drivers are guzzling less gas. But you’d never know it from the price at the pump.
The national average price of gasoline is $3.69 per gallon and forecast to creep higher, possibly approaching $4 by May.
“I just don’t get it,” says Steve Laffoon, a part-time mental health worker, who recently paid $3.59 per gallon to fill up in St. Louis.
U.S. oil output rose 14 percent to 6.5 million barrels per day last year – a record increase. By 2020, the nation is forecast to overtake Saudi Arabia as the world’s largest crude oil producer. At the same time, U.S. gasoline demand has fallen to 8.7 million barrels a day, its lowest level since 2001, as people switch to more fuel-efficient cars.
With average gasoline prices topping $4 a gallon, fewer Southern California residents say they plan to take a leisure trip over spring break, according to a survey by the Auto Club of Southern California.
The annual survey of Auto Club members found that 47% said they plan at least one leisure trip this spring break season, compared to 57% in 2012 and 55% in 2011.