Mitt Romney has turbo-charged his support for Big Oil by selecting Paul Ryan as his running mate. The House-passed Ryan budget would retain $40 billion in tax breaks over a decade for Big Oil while demanding huge cuts in the budget for innovation and clean energy. In addition, the Romney-Ryan budget would provide $2.3 billion in new tax breaks for the five largest oil companies. Here’s a reprint of a 2011 post that ran after Ryan first introduced his radical plan.
House Budget Committee Chair Paul Ryan’s (R-Wis.) proposed fiscal year 2012 budget resolution [PDF] is a backward-looking plan that would benefit Big Oil companies at the expense of middle-class Americans. It retains $40 billion in Big Oil tax loopholes while completely eliminating investments in the clean energy technologies of the future that are essential for long-term economic growth.
This budget would lock Americans into paying high, volatile energy prices. It would ensure that millions of clean energy jobs are created overseas — not here in the United States. It is a path ba... Read more