Another issue on which the presidential candidates differ is on the estimated $52 billion a year in federal subsidies for America's oil companies. The president wants to end them, whereas Romney supports granting these corporate tax breaks in perpetuity.
The Republican candidate's fondness for the oil companies may derive in part from their generosity in funding his campaign. Rolling Stone reported that by the end of August, the oil and gas industry had already given more than $36 million to candidates and their PACs -- nearly 90 percent of it to Republicans. In just one fundraising luncheon in Texas, sponsored by ExxonMobil CEO Rex Tillerson, oil company executives pledged $7 million to the Romney campaign. This turns out to be mere chump change compared to the $400 million that the billionaire oil magnates David and Charles Koch have contributed to the Republican candidate.
While Romney is clearly the first choice of America's fossil fuel industry, Big Oil and Gas have thrived under Obama too, even if he has not given them a totally free reign.
The bottom line is that neither candidate is proposing policies which will seriously challenge the continued dominance of fossil fuels in the years ahead. This may arguably be "good news" for the American economy in the short run. But the impact on our atmosphere and climate is another story.
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