There ARE no subsidies! He LIES. We deduct the cost of drilling wells as those costs are incurred. In the case of Intangible Drilling and Completion costs for smaller companies the costs are written off the moment they have no recoverable, ongoing valus.
Thanks for the clarification. Just found this on Hot Air:
http://hotair.com/archives/2011/05/03/oil-company-subsidies-clarified/
Cut ligitimate business expenses for one industry, cut it for all industries - including the “favored” ones FCOL.