Corporate Welfare Anyone?

U.S. Has Royalty Plan to Give Windfall to Oil Companies - New York Times

"WASHINGTON, Feb. 13 — The federal government is on the verge of one of the biggest giveaways of oil and gas in American history, worth an estimated $7 billion over five years. New projections, buried in the Interior Department's just-published budget plan, anticipate that the government will let companies pump about $65 billion worth of oil and natural gas from federal territory over the next five years without paying any royalties to the government."

Given that it was just reported that many oil companies are late paying the royalties that are currently due, and that a majority of the oil companies are posting record profits, should we be providing them any breaks on taxes, royalties or payments? The conservatives bemoan the $200 billion we spend in welfare for the poor and disabled, but if we look at the tax breaks, waiving of royalties, development incentives, subsidies, development grants, low-cost loans and bail-out programs we offer all the major industries in our country, how much does that add up to in a year? Should we be providing major corporations with this type of "welfare"?