Ryan's budget request doesn't end "corporate welfare" for Big Oil

04/18/2011 | BNET

The House-passed budget proposal for fiscal 2012 by Rep. Paul Ryan, R-Wis., fails to end "corporate welfare" for Big Oil or take "a long-term view on growth or global competitiveness," argues Kirsten Korosec. Ryan's plan has a budget for clean energy that's 69% less than in President Barack Obama's spending plan; however, Ryan's budget would maintain a tax loophole of up to $53 billion in royalties from oil-and-gas operations, Korosec writes. The proposal "sets the U.S. up to fail in the clean-energy industry. Perhaps that's their point," Korosec adds.

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