Big Oil Lobbyist Jack Gerard Lies About Industry Not Getting Subsidies

Big Oil Lobbyist Jack Gerard Lies About Industry Not Getting Subsidies

Just when you think you’ve heard it all from the fossil fuel industry, along comes American Petroleum Institute (API) chief executive Jack Gerard actually claiming on Tuesday that “the oil and gas industry gets no subsidies, zero, nothing.”

Gerard went on to argue that “we get cost-recovery benefits, much like other industries. You can go down the road of allowing economic activity, generating hundreds of billions to the government, or you can take the alternative route by trying to extract new revenue from industry by increasing their cost to do business. We not only pay our fair share, we pay more than our fair share.”

President Obama has proposed eliminating the $4 billion a year in subsidies and tax breaks to an industry that exceeded $100 billion in profits last year. These tax breaks for the oil and gas industry go all the way back to the 1920s and many argue should not be given to such a mature industry, and instead should be redirected to clean energy technologies of the future.

In addition to the $4 billion annual tax breaks, ThinkProgress reports that ExxonMobil, Chevron, and ConocoPhillips pay well below the corporate tax rate of 35 percent, with ExxonMobil paying only a 13 percent tax rate in 2011.

Washington, D.C.-based API is the the largest U.S. trade association for the oil and gas industry and claims to represent 400 companies. API spent $8.6 million on lobbying in 2011 and in last year’s election cycle spent heavily on funding groups running political ads against Democrats and in support of Republicans.

Gerard, who is close to fellow Mormon Mitt Romney and would have wielded enormous influence in a Romney administration, epitomizes the Republican “drill, baby, drill” attitude that ignores the environmental, public health and climate consequences of pumping all that carbon into the atmosphere. With his latest comments, he is ignoring America’s long history of subsidizing Big Oil.

While Gerard, whose salary was $6.4 million in 2010, disengenously states that Big Oil doesn’t receive subsidies, API actually ran ads two years ago against the Obama administration’s proposal to end tax subsidies for the oil and gas industry.

Photo credit: EnergyTomorrow via Flickr

 

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

History And Terror In The Skies Over Israel

Anti-missile system operating against Iranian drones,seen near Ashkelon, Israel on April 13, 2024

Photo by Amir Cohen/REUTERS

Iran has launched a swarm of missile and drone strikes on Israel from Iranian territory, marking a significant military escalation between the two nations. Israel and Iran have been engaged in a so-called shadow war for decades, with Iranian proxies like Hezbollah rocketing Israel from Lebanon and Syria, and Israel retaliating by launching air strikes on Hezbollah missile sites. Israel has also launched strikes on Iranian targets in other countries, most recently an airstrike on part of the Iranian embassy in Damascus, Syria, which killed several top Iranian “advisers” to its military, including Mohammad Reza Zahedi, a senior officer in Iran’s Quds Force, an espionage and paramilitary arm of Iran’s army.

Keep reading...Show less
Whose Votes Does Biden Need To Win -- Hard Left Or Haley Republicans?

President Joe Biden

How A Dire Shortage Of Poll Workers Threatens Our Democracy

Barack Obama got it right. He refused to be held captive to his party's left wing. He adopted a strenuous policy of border enforcement, even as some Latino activists threatened to withhold their support for him. He had tense relations with Israeli leader Benjamin Netanyahu, but when anti-Israel protesters interrupted a Biden fundraiser over the Gaza conflict, Obama reprimanded them: "Here's the thing, you can't just talk and not listen." And the hall broke into applause.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}