Is it True about Oil subsidies in the Billions of Dollars?

Information on US Oil Subsidies.

The oil industry as a whole receives up to $113 billion per year in direct federal subsidies, according to experts. The 2005 Energy Bill is a prime example of how political dollars translate into legislation. The Energy Bill, in effect until 2010, authorized $4 billion in federal subsidies to the oil and gas industry.According to OpenSecrets.org The Energy & Natural Resources lobby was the fifth highest spender between 1998 and 2005 are, spending $1,395,883,127. Source: http://en.wikipedia.org/wiki/Lobbying_in_the_United_States The costs of petroleum unaccounted for in its retail price -- its external costs -- range from $42 billion to nearly $350 billion per year. Translated into cents per gallon, gasoline recei ves subsidies that range from 21 cents to $1.34 per gallon. Tax subsidies received by the petroleum industry are the easiest to measure and account for $3.3 billion to $10.9 billion of this total. The largest single cost element encompasses the military costs of protecting our oil supplies, which range from $26.6 billion to $70.7 billion. The hardest cost element to quantify, but also potentially the most important, is the environmental and health costs associated with pollution and global warming. Estimates of these costs range from $25.5 billion to $267 billion per year. Source: http://www.ilsr.org/carbo/costs/truecostes.html Although Congress did not pass an energy bill until the summer of 2005, oil and gas companies got a huge headstart when, after contributing more than $1.8 million to George Bush’s 2000 presidential campaign, they were invited to sit on Vice-President Cheney’ s “Energy Task Force,” whose report provided the blueprint for the energy bill. You were not represented on this super secret task force, however, as neither citizen advocacy groups nor environmental organizations were invited to join.

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