McCain: $39 Billion Dollars Of Tax-Payer Money To Big Oil & Gas Over 5 Years

If elected president, Sen. John McCain (R-AZ) would provide $39 billion in federal help for oil and gas companies over the next five years, a new report from the Center for American Progress Action Fund finds.

Some of these subsidies already exist: Current subsidies for the Oil & Gas industry total $33 billion over the next five years. John McCain would repeal some of them, but preserve many of them.

He would also pass a corporate tax cut that would be worth more than $22 billion to America’s five largest oil companies over the next five years.

These same dollars could be spent investing in efficiency and alternative sources of energy, which would save American families money, create thousands of new jobs, and help power millions of homes with clean, renewable sources of energy.


Here’s what the money could do:

Weatherize over 14 million American homes: This would save each household an average of $360 dollars every year in reduced utility bills, and dramatically reducing energy usage and carbon emissions.

Invest in wind power: This money could be used to build enough wind power plants to power approximately 6 million homes and create over 46,000 new high-quality jobs.

Invest in geothermal energy: The same money could be invested in enough geothermal power plants (which generate electricity from heat stored below the earth’s surface) to power over 9.7 million American homes,creating at least 120,000 jobs in the process.

This money comes from Americans in all 50 states. Click here to see your state’s share in these subsidies.

Read the full report here.