Washington, D.C.–(ENEWSPF)–September 29, 2011. This month, President Barack Obama announced his plan to reduce the deficit by $4 trillion over the next 12 years, to include the elimination of $41 billion in tax loopholes for the oil and gas industry over the next decade—a plan vociferously opposed by the oil industry lobby, the American Petroleum Institute. Today, the Center for American Progress released the column, “Big Oil’s Mountain of Cash: Oil Companies Cling to Tax Breaks While Hoarding Tens of Billions,” which shows that the top five oil companies have combined cash resources that total $59 billion – 30 times more than the estimated $2 billion in annual tax breaks that these companies receive.
