Chesapeake Energy Paid Just 1% Tax Over Past 23 Years
Quickly, a prime example of the extreme and unbalanced support fossil fuel companies get and have gotten in the United States (let's not get into the semantics of whether it's a subsidy or tax break or whatever...), via Bloomberg:
Apparently, in its 23-year history, Chesapeake Energy—one of the major natural gas companies in the US, and one which potentially criminally colluded with a competitor to keep land leases low in Michigan—has paid in total $53 million in taxes.
That's just 1% of it's pretax profits over the past near quarter century.
Bloomberg explains that's because, under current tax law, Chesapeake can delay paying a portion of income taxes due to an assumption that drilling natural gas wells is risky business and many may turn out to be dry. Except that due to technological advances Chesapeake only didn't strike oil or gas in wells it drilled just 0.4% of the time.
Read more: Bloomberg