It's a check from the government that shows up in your mailbox.
Farmers get them for not growing crops- setting aside productive farmland to tighten up the market a bit, or setting aside acreage for wildlife. It's a direct compensation.
Or if they restore their land to watershed status, plant trees instead of corn, etc.
Loan deficiency payments (as I understand it) is another example.
This is a "subsidy".
Folks in the oil and gas business don't get subsidies- but they are afforded write-offs for expenses related to their business. Just like all other businesses are.
But for some reason if you're involved in oil and gas, Obama (and the vast majority of liberals) call these "subsidies".
So posting billions in profits isn't enough reason to get rid of the "write-offs"? Wow...thats about the most bizarrely idiotic thing I've ever heard. "Perry for President" was the clubhouse leader until then. Thanks for copping to it though.
Why single out the oil and gas industries?
Oil Industry Profit Margin Ranks #114 Out 215
It's Petrophobia. Carter instituted it and Obama is carrying it forward.
BTW- there are very few (if any) major integrated oil and gas companies operating within the lower 48 states. The vast majority of all activity is done by Independents. These are smaller companies that focus on one or two aspects of the business: drilling, or just production, or maybe a geology or engineering company.
With respect to write-offs, let's say you're a building contractor putting up a good sized home that you intend to sell for $250K.
You go out and buy $100K in materials (a write-off). You hire a half dozen workers to help (a write-off). You put gas in your vehicles (a write-off). The list goes on...
It's no different in oil and gas. BUT... we're told by Obama that it somehow magically is different.
He's a liar and a charlatan. And what's more pathetic is that people are gullible enough to soak up the bullshit that comes out of his mouth.