What Does $8 Billion in Oil Subsidies Buy?

[limpyhobbler]

The fiscal cliff is fast approaching — and there’s a relatively simple way for Congress to raise some needed revenues, help the environment and satisfy taxpayers: Ending oil subsidies will help pay down the deficit by making oil companies pay their fair share.

The President has already identified $4 billion in oil subsidies that should be eliminated, but there’s at least an additional $4 billion worth that Congress should also get rid of. This is hardly the time to be throwing taxpayer money at wealthy companies that undermine the environment.

...

via http://switchboard.nrdc.org/blogs/fmatzner/oilsubsidies.html

[Nihil]

1. Approximately 435 in Congress, 100 in the Senate, 1 in the White House.

(Some variation exists but all are beholden to the fossil fuel industry as a whole.)

[Blackhawk44]

2. how do these subsidies work?

3% subsidy for manufacturing?
recovery of drilling costs?

something else?
please be as specific as you can be.

[limpyhobbler]

3. like so:

Oil companies give money to politicians, and politicians give money from the common treasury oil companies.

[Nihil]

4. RTFA

>> Almost $8 billion in annual oil subsidies: average cost of multiple tax provisions
>> overwhelmingly benefitting the oil and gas industry as estimated by the Joint
>> Committee on Taxation, Congressional Research Service and American Petroleum
>> Institute. See our full fact sheet for a full description of these programs including sources.

If you go to the article from the OP link then you can find their "full fact sheet"
to fill in the gaps in your knowledge.

> something else?
> please be as specific as you can be.

Specifically, read the information provided before "asking" questions that are already answered.

[Blackhawk44]

5.