USGovernment-News.Com

USGovernment-News.Com

News on U.S. government agencies, U.S. politics, companies doing business with U.S. federal government. Read U.S. national and local news. This site is not affiliated with United States Government.
Press release distribution service
Home : U.S. Government News Search Engine                          

Home > U.S. Government News > Marketplace :
Home: United State Government News
Home | News | Submit Press Release |

FROM THE WONK ROOM...Under McCain, Texas Taxpayers Would Pay $3.2 Billion in Subsidies to Big Oil

(EMAILWIRE.COM, August 12, 2008 ) Washington, DC – As president, Sen. John McCain (R-AZ) would provide $43 billion in federal help for oil and gas companies over the next five years – approximately $3.2 billion of which would come from Texas taxpayers, according to a report released today by the Center for American Progress Action Fund.

With the five biggest publicly traded oil companies in the world earn a staggering $148 billion in profits over the past year, the new report shows how this money could be better spent – by investing in conservation and alternative sources of energy and saving American families money, creating thousands of new jobs, and helping to power millions of homes with clean, renewable sources of energy.

“With families struggling to afford nearly $4 a gallon for gas, Texas taxpayers should know that John McCain intends to spend their tax dollars subsidizing the big oil companies,” said Daniel J. Weiss, a Senior Fellow at the Center American Progress Action Fund, and co-author of the paper with Research Associate Ben Furnas.

Texas’s share of the giveaways under McCain could be used to weatherize over 1.1 million homes – saving each household an average of $360 every year on lower utility bills and reducing energy usage and carbon emissions.

If invested in alternative sources of energy, TexasÂ’s share could build enough wind power plants to power 490,000 homes with clean and renewable energy, creating at least 3,800 high quality jobs. If invested in geothermal power plants, the money would build enough to power 790,000 homes and create over 10,000 jobs.

McCain would reach a total of $43 billion in subsidies through a combination of protecting existing subsidies and creating new ones. While McCain supports the elimination of some of the current subsidies for gas and oil companies, he would maintain approximately $21 billion in current subsidies, and would also pass a corporate tax cut worth more than $22 billion to AmericaÂ’s five largest oil companies over the next five years, for a total of $43 billion in tax benefits and giveaways.

Contact
Adam Jentleson, 202.682.1611
ajentleson@americanprogressaction.org
###

This press release was issued through GroupWeb EmailWire.Com. For more information on unlimited press release distribution service, go to http://www.emailwire.com


American Progress Action Fund
Adam Jentleson
202.682.1611
ajentleson@americanprogressaction.org

Source: EmailWire.com

U.S. Governement News: Politics
  • Presidential Elections
  • Democrates
  • Congress
  • House of Representatives
  • President Obama
  • Republican Party
  • Mitt Romney
  • U.S. Senate
  • U.S. Military
  • U.S. Politics
  • Politics Video Feeds

    U.S. Government Resource Center
    We are pleased to offer you this exciting, new, and entirely free professional resource. Visit our Free Industry resource center today to browse our selection of 600+ complimentary Industry magazines, white papers, webinars, podcasts, and more. Get popular titles including:

    Governing
    Point of Beginning
    Overall Labor Effectiveness (OLE) Achieving a Highly Effective Workforce

    No credit cards, coupons, or promo codes required. Try it today!

    USGovernment-News.Com is a news service of GroupWeb Media LLC