First Obama-Romney 2012 Presidential debate: on Energy & Oil

Barack Obama: Does anyone think Exxon-Mobil needs a subsidy?

ROMNEY: First of all, the tax break for oil companies is $2.8 billion a year. And it's actually an accounting treatment, as you know, that's been in place for a hundred years.

OBAMA: It's time to end it.

ROMNEY: In one year, you provided $90 billion in breaks to the green energy world.

Mitt Romney: $2.8B oil subsidy better than $90B green energy for losers

ROMNEY: First of all, the tax break for oil companies is $2.8 billion a year. And it's actually an accounting treatment, as you know, that's been in place for a hundred years.

OBAMA: It's time to end it.

ROMNEY: In one year, you provided $90 billion in breaks to the green energy world. Now, I like green energy as well, but that's about 50 years' worth of what oil and gas receives. And you say Exxon and Mobil. Actually, this $2.8 billion goes largely to small companies, to drilling operators and so forth. But, you know, if we get that tax rate from 35% down to 25%, why that $2.8 billion is on the table. That's probably not going to survive you get that rate down to 25%. But you put $90 billion, like 50 years' worth of breaks, into solar and wind, to Solyndra and Fisker and Tester. I had a friend who said you don't just pick the winners and losers, you pick the losers.