True. And predictable: the administration inflates the dollar, closes off drilling, and makes sure we’re importing 70% of our fuel, which is tied to the inflated dollar. This produces “record profits” for the oil industry, allowing the administration to scapegoat them and peg them as a target of class warfare. To punish this supposed avarice, he takes away their “subsidies” (read: tax breaks; read: business incentives) and transfers those to, say, GE, who paid no federal taxes, but who is part of Obama’s sham green energy initiative — essentially, another Democrat money laundering scheme that uses transferred wealth.
And the GOP House Speaker, rather than say, “how about we save that $4 billion in ‘subsidies’ not by punishing domestic oil producers, but instead by withholding ‘investments’ in, say, Brazilian oil production?” — decides to grab a seat on the scapegoat express, and suggests that yes, Big Oil [cue ominous music] needs to pay “its fair share.”
That’s right. He even used Obama’s framing.
Yes. And?
“There have been dozens of investigations and we’ve been exonerated every time,” said John Felmy, chief economist with the American Petroleum Institute. “It’s unfortunate. It indicts 9.2 million Americans who work directly or indirectly for the oil industry — which we have to remind them is not owned by aliens.”
Meh. Stop whining. It’s not like they’ve put your fat cat ass into a pizza oven yet, is it?
Yet.
I still think it is the kulaks, hoarders, wreckers and “speculators”…
As the country burns down due to high fuel costs and a tanking dollar our President has a press conference about his birth certificate.
They want to investigate price gouging while ignoring that their actions, their policies, and their general fuck you attitude towards American jobs and industry are the direct and proximate cause of where we are today. And the MFM just lets them.
And, making the oil companies pay it’s fair share will do what to the price of oil? And, spending that extra money on green energy is going to save us how?
and, let’s not forget how much $$ the government makes off of Big Oil.
link at my blog.
$116 BILLION from ExxonMobil alone. Versus $4 B in
subsidestax breaks.How exactly will increasing taxes on oil companies bring gas prices down?
I bet those 9.2 million people would be happier working green jobs. Like subsistence farming, tinkering, peddling shoes made from recycled tires, dowsing, or hired gun for the local warlord.
There is NOTHING Obama can do to bring down oil prices you wingnuts, except invest in green technologies and go on a witch hunt for
investorsspeculators.How many times does he have to say it?
How exactly will increasing taxes on oil companies bring gas prices down
You just don’t understand how these things work, JD.
And the GOP House Speaker…even used Obama’s framing.
I’m not going to say I had high hopes for the guy, but even the low expectations I did hold have been sorely disappointed.
I will continue to spell his name Boner until he shows he deserves otherwise. So, that means pretty much forever.
FWIW, Boehner is once again walking back his remarks. But, as Jeff notes, he never says, “Hey, lets apply that 4 billion to the deficit/debt instead of giving it to someone else”.
One of Dan’s cohort had a good post on this subject:
http://powip.com/2011/04/explain-to-a-simple-girl-how-does-raising-taxes-lower-prices/
It turns out that the state profits far more from each gallon of gas than “Big Oil” ever does. So it’s a win-win for the government, not only do they recieve big tax money from “Big Oil”, but then get to stick their hands in each of our pockets for each gallon of gas purchased; in some states for several times the amount that the oil companies realize in profit.
If it sounds like a mobbed up protection racket, well,…
The accelerated depreciation probably should go, along with virtually all other forms of corporate welfare. Either that, or let my business use the same accelerated depreciation for the assets I buy and use to run my business, though my preference is still to eliminate all of them.
Don’t get suckered into thinking Obama is always 100% wrong. Roughly 93% is still pretty bad, but gainsaying everything Obama says is falling into the same trap as the birthers.
For the sake of clarity, I do not defend any of Obama’s rhetoric or action on green jobs, drilling in general, or subsidizing drilling for Brazil, etc.
He’s wrong about this.
Printing billions of dollars to prop up the stock market, then importing the majority of your oil pegged to the dollar, means we’re going to pay more at the pump.