Taxpayers to lose in oil spill dilemma

Aug 18, 2010 1 min read

To the editor:

While many tout the large amounts of money BP will pay out due to the Horizon

Deepwater blowout, consider the tax advantages that BP will realize due to those

payouts.

According to reliable sources, “Oil giant BP plans to offset the entire cost of

its Gulf of Mexico oil spill against its tax bill, possibly reducing future

contributions to U.S. tax coffers by almost $10 billion. BP took a pretax

provision of $32.2 billion for the second quarter, triggering a $17 billion

loss.”

So who really looses from the petroleum disaster? It looks like the taxpayers,

once again.

Carl Conley

Fort Myers Beach