Ways to Better Spend $4 Billion Per Year in Oil Subsidies

Here are three ways we could better our Big Oil subsidies. Except these ideas would actually ease pain at the pump and save Americans money.

For the last three years, President Obama has proposed eliminating $4 billion in subsidies and tax breaks to oil companies in his budget. Every year, Congress has ignored the proposal.

Last week, the idea got a bit more traction, as the big five oil companies all announced massive first quarter profits (while gasoline hovers around $4 per gallon), and even some Republican leaders are paying the idea of cutting subsidies some lip service. Of course, most members of Congress receive so much funding from the oil companies that they'll make comments like Sarah Palin's: that $4 billion is a "drop in the bucket" and not worth eliminating.

Keep Reading Show less
Trending Stories