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Archive for May 9th, 2008

Big oil soaks up $1.4B in tax breaks

Posted by mhudema on May 9, 2008 – Business – Big oil soaks up $1.4B in tax breaks

With companies reaping huge profits, it’s time to end corporate handouts, critics charge

May 08, 2008

Ottawa Bureau
OTTAWA—Not only are Canadian motorists paying record high prices at the gasoline pumps, they are handing the big oil companies $1.4 billion a year in tax breaks.

Critics say with oil companies making huge profits the situation in Canada defies logic.

They say consumers might be able to stomach the corporate handout if the money was being used to protect the environment or clean up the mess left behind in the oil sands instead of going into the pockets of the likes of Petro Canada and Imperial Oil.

“They are completely unjustifiable . . . these companies do not need taxpayers’ help. They’re the ones who are doing the fleecing,” NDP Leader Jack Layton said.

“They are making world record profits and we’re giving them tax subsidies. It makes no sense and at the same time they are polluting the planet,” Layton said, pointing to this week’s discovery of hundreds of dead ducks in a toxic tailings pond belonging to Alberta oil sands giant Syncrude Canada Ltd.

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