Sat, 18 Feb 2006

Oil and gas companies stand to get royalty relief on top of record profits

Single black moms in the ghetto aren't the only folks who get welfare checks from Uncle Sam - in fact, they're pretty far down the totem pole of government largess. Which is a fact that conservatives would do well to ponder.

One wouldn't think an industry rolling in historic profit--nearly $23 billion for the top four players in the past quarter--would need any federal government relief. And yet, Uncle Sam is poised to dole out $7 billion in breaks to the oil industry over the next five years, a figure that could increase fivefold because of a legal battle underway.

(link) [U.S. News & World Report]

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