Explain why our government gives subsidies to oil companies...?

Question

in the light of this:

http://news.yahoo.com/s/ap/20080721/ap_on_bi_ge/oil_profits

Please make your best effort.

Answer 1

They were necessary before to go towards exploration but now that oil companies make such huge profits, they should be shifted towards renewable energy.

Answer 2

The subsidies are intended to go towards exploration and discovering new oil within US Borders.  In theory, this will not only help keep prices low, but will strengthen US security, since we will depend less on oil from countries where people don't like us.  In theory.  They exist because monumental profits are relatively recent, as oil prices have skyrocketed only within the last few years.  Are they necessary now?  Um... I'm not going to touch that one.

Edit 7/2/08 - Moral cowardice?  No, academic honesty.   There are more reasons for the subsidies, I was giving the purpose, as you had asked.  Among other reasons; 1) the snails pace of Congress' ability to change legislation required to repeal it, 2) the huge number of retirees and unions whose retirement income depends on oil company investments, and 3) the fact that I admit that I am not an expert on petro-economics.  

If you believe we live in an "oil company dictatorship," how do you explain the new farm bill which provides many more billions of dollars ($288 Billion over 5 years) to farmers who are enjoying the highest agriculture prices in history along with near-record crops?  Why wouldn't those dollars go to the oil companies also?  They're "only" getting $14 billion per year.

Please make your best effort to answer.