Wednesday, August 18, 2010

Oil & Gas subsidies artificially lower fossil energy prices and hurt renewable energy competitiveness

"American taxpayer funding of oil and gas exploration keeps the price of fossil energy artificially low, a study conducted by Wood Mackenzie for the American Petroleum Institute shows.

According to an article in the Oil & Gas Journal, the study found that eliminating tax deductions for intangible drilling costs and for US oil and gas production expenses would "shift the average break-even points for US oil and gas development from $47/bbl and $5.40/Mcf, respectively, to $52/bbl and $6/Mcf."' More>>>>

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