Harkin Requests GAO Report on Oil Industry Subsidies
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Iowa Senator Tom Harkin has formally requested that the U.S. General
Accounting Office, the investigative arm of Congress, report on the
various federal subsidies provided to the petroleum industry. "Since the
beginning of the oil industry in the 19th century, oil producers and
refining companies have benefited from a series of subsidies, incentives
and other benefits, including production controls imposed by producing
states, stripper well subsidies, consumption allowances, favorable leasing
terms on federal lands, import quotas, and depletion allowances," Harkin
said. "I request that General Accounting Office provide an accounting of
all federal incentives and subsidies of any kind, including but not
limited to tax benefits. to be truly representative, this analysis must
extend back in history to reflect the incentives, subsidies and other
benefits to the oil industry when it was in its early stages of
development."
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