Oil Companies Reap Billions From Subsidies – NYTimes.com

Posted by Trish Riley, July 11, 2010

When the Deepwater Horizon drilling platform set off the worst oil spill at sea in American history, it was flying the flag of the Marshall Islands. Registering there allowed the rig’s owner to significantly reduce its American taxes….the company used a tax break for the oil industry to write off 70 percent of the rent for Deepwater Horizon — a deduction of more than $225,000 a day since the lease began.

via Oil Companies Reap Billions From Subsidies – NYTimes.com.