Obama to Congress: Kill oil industry's tax breaks

[gremlin]

brake out your wind mill powered car, its going to be a long hike.

Pump prices on his mind, President Barack Obama says Congress should kill tax breaks for the oil and gas industry and help develop alternative sources of energy.

Obama said Saturday in his weekly radio and Internet address that he expected Congress to consider in the next few weeks ending $4 billion in tax subsidies, a move he has failed to persuade lawmakers to make during his term. He said the vote would put them on record on whether they "stand up for oil companies" or "stand up for the American people."

"They can either place their bets on a fossil fuel from the last century or they can place their bets on America's future," Obama said.

Industry officials and many Republicans in Congress contend that cutting the tax breaks would lead to higher fuel prices, raising costs on oil companies and affecting their investments in exploration and production. The measure is considered a long shot, given that Obama couldn't end the subsidies when Democrats controlled Congress earlier in his term.

Republican presidential candidates have accused Obama of delaying drilling for oil in the Gulf of Mexico and in a national wildlife refuge in Alaska and faulted him for not advancing the Keystone XL oil pipeline from Canada to Texas Gulf Coast refineries. They have also criticized policies pursued by the Environmental Protection Agency as inhibiting energy development.

Obama said there is no quick fix to high gas prices, which climbed to $3.83 on Friday according to AAA, but he pushed back against critics who say he is opposed to more drilling. He said the U.S. is producing more oil than at any time in the past eight years and has quadrupled the number of operating oil rigs.

"If we're truly going to make sure we're not at the mercy of spikes in gas prices every year, the answer isn't just to drill more — because we're already drilling more," Obama said. He said his administration was trying to develop wind and solar power, biofuels and usher in more fuel-efficient vehicles to make the nation less dependent on oil.

http://www.courierpress.com/news/2012/m ... r#comments

[russau]

well maybe something good will come out of all os BS! maybe the big buck oil people will now throw their money towards a real American!

[golden optimist]

well maybe something good will come out of all os BS! maybe the big buck oil people will now throw their money towards a real American!

Anything they have to pay will just be passed on to us.
Leonard

[gremlin]

thats right, any tax they get hit with we end up paying for it. pass the buck, pass it hard and long the end user will pay for it.

if you read the post at the end of the story, one guy said if every thing happens it only ends up to be a something around 3 cents a gallon. that does not sound bad, until you think about it, every thing you use or own or will need just does not grow on the store shelfs. the farmer will spend a extra hundred to get it to you, the trucker will spend a few hundred more in fuel prices to get it to the factory then to the store. the store will be hit with a higher price because of the extra cost of making it. that simple hamburger will cost you out the rear, so will that tomato unless you grow your own.

[russau]

if it was from American oil and NOT foreign oil, people would be ging back to work helping to pull this Country out of the hole our that socalled "representatives" shoved us into! itll hurt our pocket books anyway it goes,but if it helps the American workers, then so be it! it grinds me to pay foreign oil people more for what they got just cause they can!and all the money we dump into their country and we get the SHAFT!

[Matt Mattson]

well maybe something good will come out of all os BS! maybe the big buck oil people will now throw their money towards a real American!

Anything they have to pay will just be passed on to us.
Leonard

We can thank the great James Earl Carter for the confusion. He so thoroughly convinced Americans that corporations "weren't paying their fair share" and were skating along paying no taxes that the public swallowed it whole and has insisted corporations (any business really, mom & pop included) pay ever increasing taxes, making businesses nothing more than super tax collectors for the government.

[Hoser John]

Yes cash to america-----after 99.999% skimmed off for themselves ---John