Obama seeks halt to tax subsidies for oil industry

Obama seeks halt to tax subsidies for oil industry

Apparently Obama has tried this before to no avail.

He said it again on his weekly radio and Internet address.

And He expects Congress to consider in the next few weeks halting $4 billion in tax subsidies

He stresses that the green energy projects need "re-fueling" in "light" of high gasoline prices.


Published March 17, 2012
Associated Press -- FoxNews article

WASHINGTON – President Barack Obama is calling anew on Congress to end tax subsidies for the oil and gas industry, saying the nation needs to develop alternative sources of energy in the face of rising gasoline prices.

Obama said Saturday in his weekly radio and Internet address that he expected Congress to consider in the next few weeks halting $4 billion in tax subsidies, something he hasn't been able to get through Congress throughout his presidency. He said the vote would put lawmakers 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 have argued 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 in Congress, given that Obama couldn't end the subsidies when Democrats controlled Congress earlier in his term.

Cut the Oil Subsidies ?



What about the unemployment that will result

in the oil and related industries ??

Obama only likes to subsidized failed energy projects (like Soyndra), and wants gas prices to skyrocket to help them.

He thinks that if gas prices get too high, people will demand alternatives. But in reality, people will demand that he leave office.

Why should they get subsidies? They have been ripping off the public for decades and making record profits while doing it. Not to mention some of them pay next to nothing in taxes anyway.

Originally posted by Carseller4
Obama only likes to subsidized failed energy projects (like Soyndra), and wants gas prices to skyrocket to help them.

He thinks that if gas prices get too high, people will demand alternatives. But in reality, people will demand that he leave office.

The oil companies themselves are making the price go up by shutting down refineries.

Gas prices: Oil industry closing refineries for profit, politics

And I would much rather my tax dollars go into finding new alternative fuels than throwing money away on a finite resource.

There are many ways to be oil independent, this can happen very quickly. Sounds like a step in the right direction.

Tax money just fuels the beast, or the machine whatever you want to call it. Since when has tax money solved any problems?

Originally posted by buster2010
Why should they get subsidies? They have been ripping off the public for decades and making record profits while doing it. Not to mention some of them pay next to nothing in taxes anyway.

This. People say that the government shouldn't pick winners and losers but it seems like they have already picked a winner in "big oil". If you really want the public to choose which companies succeed and which fail, you need to level the playing field.

"green" energy so far has been crap. This is just more propaganda trying to free up more money to buy votes with.

I'm all for saving the planet. But this isn't going to accomplish one bit of good. It's just more rhetoric.

reply to post by xuenchen


First of all, let me say, I despise Obama. I've seen the man commit atrocities against this nation and the world. That being said, I still can't believe how your hatred for the man could blind you to the fact that ending subsidies is the right thing to do. You can't have a free market when Big Government favors a select few corporations.

reply to post by xuenchen


I say let corn producers produce CORN,for consumption. Half our high gasoline prices IS gasoline tax.

Obama and this "green" crap,is ridiculous. He wants to go green,while China and India,and other developing nations are pumping the stuff,without any provisions. Who is he kidding ? Hes a pandering fool !

Originally posted by Q:1984A:1776
reply to post by xuenchen

 

First of all, let me say, I despise Obama. I've seen the man commit atrocities against this nation and the world. That being said, I still can't believe how your hatred for the man could blind you to the fact that ending subsidies is the right thing to do. You can't have a free market when Big Government favors a select few corporations.

Actually,

it's up to Congress, not the POTUS.

And, the 111th congress (2009/2010) failed to act on the request !!

The oil industry does not receive subsidies of any type, in fact the oil companies pay a higher tax rate than any of Obama's "Golden Child" companies. I would research and provide links to oil company tax rates and subsidies but I am posting from my phone on a oil rig in ND right now and its too much of a pain to link.

This is nothing but propaganda on the part of the Tyrant in Chief to try and create a feeling of resentment in the people towards the oil companies. If Obama wanted to help lower oil costs then he could sign an EO that would stop the million dollar permit fees per rig and such as that. But Obama is a president of division and only seeks to further brain wash the boob tube believers in an attempt to get votes.


He is a supposed graduate of law school yet know he thinks he is an expert on the energy sector, economy, internet, etc. Truth is he is an dedicated idiot with no clue as to any expertise on any subject except how to lie.



Like my father used to say, you can always tell when a politician is lying.........their lips are moving.

Double post

reply to post by cwg100


With friends of the earth like you who needs enemies.
Obama has a big mouth with not much behind it,like all the poeple who decide they are going into politics because they see the light.Kennedy tried the same thing and was shortly thereafter dispatched in Dallas, just as a reminder who controls what. Maybe Obama is getting suicidal but probably he knows it will not go anywhere but will certainly get him votes for trying.

Yeah, the poor oil companies are just innocent bystanders to Obama's oppressive policies.

These SOB's will actually hold tankers offshore to lower supply...wait till t he price goes up...then bring it ashore.

They don't need these subsidies. In fact, it's a crime that they even receive them.

The oil companies made over 130 billion dollars last year.

I'm sure they will do JUST FINE without 4 billion worth of tax dollars.

Drop the tax subsidies?

OK then the government should drop the requirement for summer blend gasoline. Yes, that is the one of the main reasons gas prices go up in the summer.

Funny thing is the government makes more money from taxing gasoline than the oil companies make in profits.

Originally posted by xuenchen

You would think that the GOP would be 100% supportive of this, considering how much they whine about "entitlements". The oil industry subsidies are the biggest entitlement program we have. It's like millions of welfare families rolled into a few fat oil tycoons!

reply to post by buster2010


This right here.

When a company like BP makes a profit of nearly $26 billion last year even after the disaster the year before, there is absolutely no need for tax subsidies in the industry. From my understanding the subsidies were put in place to help buoy the companies so that they could make profits and grow (like they are trying to do with alternative energy companies today). These oil companies have been netting record profits year after year after year. There's no need for my money to go to these companies anymore.

And to the OP, if oil companies shed jobs just because the subsidies are stripped away, wait until the end-of-year profit reports start coming out showing their billions in profits. Again. If that isn't enough to convince you of their constant bull#, nothing ever will.

This is a classic election year ploy. He garners support from the poor and downtrodden by suggesting legislation that is sympathetic to their cause. The legislation will fail, as he knows it will, but the voters will already have been bought and paid for.

Don't fall for it.

/TOA

reply to post by Nucleardiver


What?

You are contradicting your own industry. They do, in fact, receive tax subsidies, as well as tax breaks, as well as taxation preference. Plenty of evidence for it. From the CBO, DOE, EPA, Treasury Department, Federal budget bills passed by Congress year after year, from the very mouths of oil execs and the American Petroleum Institute when they go to Capitol Hill to talk to Congressional panels and department heads (televised on C-SPAN for the world to see)... Do tell why these CEOs are going to DC to discuss something that doesn't exist.