Super Committee Collapse Leaves Big Oil Subsidies Untouched

The anticlimactic crumbling of the super committee means up to $21 billion in wasteful oil industry subsidies are unlikely to be rescinded anytime soon. During the super committee negotiations, 14 Senate and 38 House Democrats proposed to end tax breaks for the world’s largest, most profitable oil companies as part of any deficit-reduction deal, saving taxpayers $21 billion over 10 years. The big oil lobby already launched YouTube ads earlier this month to thank GOP super committee members for preserving its tax subsidies.