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Message: <blockquote data-quote="Ace_on_the_Turn" data-source="post: 3003026" data-attributes="member: 27417"><p><a href="http://www.taxpayer.net/library/article/big-oil-rakes-in-added-billions-while-taxpayer-subsidies-continue-2013-thir" target="_blank">From preferential treatment in the tax code to insurance liability caps, the oil industry still enjoys significant taxpayer subsidies...Repealing the percentage depletion deduction, which allows independent producers a flat deduction of gross income from each well, would save the federal government $5.3 billion from 2012-2017. Repealing the last-in, first-out method of inventory for oil, natural gas, and coal companies would generate $18.3 billion in revenue for the federal government for the same period. If Congress repealed the deduction for intangible drilling and development costs in the case of oil and natural gas wells it would produce $8.4 billion in added revenue...The oil and gas industry spent $141 million lobbying in 2012. So far in 2013, the industry has spent $105.2 million according to the Center for Responsive Politics on lobbying, equal to more than $300,000 per day...For nearly a century, the oil and gas industry has enjoyed billion in taxpayer subsidies, while its profits and influence on Congress have soared.</a></p></blockquote><p></p>