The Truth About All Those ‘Subsidies’ for ‘Big Oil’
Editor’s note: Mark J. Perry is professor of economics at the University of Michigan-Flint and a scholar at the American Enterprise Institute. What follows is a re-posting of an article that recently appeared at the AEI website.
Do a Google search for the term “subsidies for oil companies” and you’ll get more than 600,000 results. Try a search for “subsidies for Big Oil” and you’ll get almost 700,000 results. The term “tax breaks for Big Oil” has almost half a million results. Then do a Google search for “tax breaks for green energy” and you’ll only get about 29,000 results. Based on the volume of Internet search results, you might think that oil companies, especially “Big Oil,” are raking in billions of dollars in direct
federal subsidies taxpayer payments every year. But you’d be wrong.