Too Little, Too Late: Congress Set to Permit Unfettered Exportation of U.S. Crude

Unless of course we extend “renewable fuel” tax credits, as part of the new $16.5 trillion scam on the world’s economies, bilking everyone for the sake of a 2 degree shift in global temperatures.

To make matters exponentionally worse, this deal, which by the way is 1 year too late, hinges on the republicans agreeing to a fucking child tax credit.

Congress is considering lifting the export ban as part of either a package to extend expiring tax provisions or to finance the government through Sept. 30 before current funding authority expires Dec. 16. Among the items being discussed are a 9 percent manufacturing tax credit for refiners and an extension of the U.S. Land Water Conservation Fund, according to at least three lobbyists close to the negotiations.

Even if such a deal is struck by Republicans and Democrats in the Senate, House Democrats, who are vital to reaching an agreement, have suggested they won’t go along unless a provision for indexing the Child Tax Credit, which allows taxpayers to reduce federal income taxes for each qualifying child, is added to the mix. And it’s unclear whether House Republicans will support a deal if they assess that the price Democrats are seeking is too high.

On one hand, this is the most significant change in domestic energy policy in two generations. On the other, it’s a comical mess, as crude plunges to new lows amidst a glut of crude emanating from the jihadist fields in Saudi Arabia. Even more, the major energy policy shift comes at a time when record amounts of wells and oil and gas jobs are being cut, companies on the verge of bankruptcy. It’s equal to permitting a trader to have unfettered margin after his account blew up and went to zero.

With oil at $36, pray tell, where the fuck are we exporting this oil to?