As the Supercommittee casts about for ways to reduce the federal deficit, the massive taxpayer subsidies for massively profitable oil and gas companies have been mentioned as a possible cut. The industry has mounted a big ad campaign and media blitz to deny that the subsidies are real.
"Appearing on CNN's State of the Union, American Petroleum Institute lobbyist Marty Durbin claimed 'there are no loopholes' for the massively profitable oil industry. CNN's Candy Crowley asked the lobbyist, after showing one of API's ads that claim that removing oil subsidies would kill jobs, how the industry can tell Americans to suffer massive cuts while the top five oil companies have already made $100 billion in profits this year on high gas prices. Durbin said that Crowley just got her facts wrong."
Brad Johnson reports for Think Progress November 6, 2011.