Even without regard to spending for military protection, continuing tax payer subsidies to the oil industry are behemoth. Of course, Exxon can't be expected to pick up the tab for its president's $400,000,000 retirement package all by itself.
I thought, and may be wrong, that percentage depletion applied to the owners of the land, not an oil producer leasing the land.
Foreign Tax Credit
Foreign Tax Credit is not an oil company subsidy. Any company or individual that makes money in foreign country and pays taxes on income, deducts that tax from tax they pay here. Just like State income tax is deducted from Federal.
deduction of Intangible Oil Drilling & Development Costs
All business deduct costs of doing business. Taxes are paid on profit, not gross. Unless you are in oil & gas business, then you also pay royalties on the gross.
Petroleum Research and Development Program,...Enhanced Oil Recovery Credit
These are programs that increase the production of US resources. The net to the government is more royalties and taxes, not less.
subsidies to the oil industry are behemoth
I believe (and cannot prove it) that dollar paid for dollar earned, the oil & gas industry pays more to federal government than any other industry. The amount of money in royalties, property taxes, corporate taxes, income taxes by this industry is huge. I am not complaining about that mind you.
spending for military protection
Just how many aircraft carriers will we do away with if we produce all our own fuel? I doubt any. But I complete support us doing all we can to avoid foreign imports. We should drill ANWR, Bristol Bay, OCS and all our coasts. We should develop Nuclear power more fully. Our coal, oil sands and oil shale should be fully developed.