Bush wants to save Tax loopholes for Big Oil..!


	Bush wants to save Tax loopholes for Big Oil..!

TJColatrella

12-7-2007 4:57 PM

400 views

tags:

bush, oil, iraq war, corruption, halliburton, exxon mobil, texaco, cheney, saudi arabia

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/3999a92f-7ca2-4bff-ac2c-27d40eb24d03/BCF4618D-3F87-410E-90E6-FB4964533DC3/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.americanprogress.org/issues/2007/12/oil_profits.html" href="http://www.americanprogress.org/issues/2007/12/oil_profits.html" style="font-size: 11px;">www.americanprogress.org</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.americanprogress.org/issues/2007/12/oil_profits.html"><H1>Big Oil Profits Dwarf Closed Loopholes</H1></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.americanprogress.org/issues/2007/12/oil_profits.html"><div align="center"><img src="http://content8.clipmarks.com/blog_cache/www.americanprogress.org/img/575C9360-D270-4BF6-930A-7C6EBF8C3F2F" alt="" /></div></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.americanprogress.org/issues/2007/12/oil_profits.html"><P>Opponents also argue that the elimination of this $13.5 billion in tax breaks will deprive big oil companies of the revenue they need to explore and develop oil and gas resources. This ignores the over half a trillion dollars in combined profits earned by the big five oil companies since 2001. (See profit chart). The $13.5 billion in tax breaks, collected over a decade, is less than 3 percent of these companies’ total profits over the last seven years. BP, Chevron, Shell, and ExxonMobil each had more than $13.5 billion in profits during the first three quarters of 2007. The closed loopholes are a drop in the barrel compared with big oil profits.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/BCF4618D-3F87-410E-90E6-FB4964533DC3/blog/" title="blog or email this clip"><img src="http://content9.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>