“President Barack Obama challenged Congress on Thursday to repeal billions of dollars in tax breaks for the biggest U.S. energy companies, saying they are raking in record profits while Americans struggle with higher gasoline prices.
“Today, members of Congress have a simple choice to make. They can stand with big oil companies, or they can stand with the American people,” he said at an event in the White House Rose Garden highlighting one of the hottest issues in the U.S. presidential campaign.
“Last year, the three biggest U.S. oil companies took home more than $80 billion in profit. Exxon pocketed nearly $4.7 million every hour,” Obama said.
Instead of rewarding oil companies, the United States should “double down” on clean energy, Obama said in his speech.
“Keep in mind, we can’t just drill our way out of this problem,” Obama said before a crowd of about 100 people, including representatives of environmental groups and Americans affected by the rising cost of gasoline.
The U.S. Senate was to vote on Thursday on legislation backed by Democrats that would eliminate more than $24 billion in tax deductions granted to big oil companies over the next decade. The measure would also extend some tax breaks intended to foster clean energy initiatives.”
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Of course. Why would we ever want to address the underlying problems in the tax system when it’s so much easier to blame one industry and focus on things that are impossible to achieve.
Raising taxes on energy companies will not make gas cheaper.
some of oil tax breaks include, expensing of drilling cost. so if they drill a well that doesnt produce they can take it off there taxes.(instead of a 10year recap) if they kill that part of the (tax break) they wont be so eager to drill. wow how high can oil go?
subsidizing gambling ?
I’m all for giving the richest companies & individuals all the tax breaks they can get … after all, they are the ones entrepreneuring and supplying the rest of us poor dumb folk with work … I don’t mind remaining poor (and dumb) & in slavery to rich folk .. I lovesssss rich folk! I owes them everything! 8)
It’s true.
It’s much better to have inherited wealth like you, Bruce, and then you can vote Democrat and bitch about the economic system that keeps you in bon-bons and beach houses.
Why try to understand the economy when envy is such an easier bludgeon to wield on the hoi polloi?
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regarding my personal history (inherited wealth et al), Monsieur Know-it-all, Know-it-all-the-time, guess again .. you won’t come close, but have at it
neither am I bitching about the econ system
no matter …
however, since you’ve brought it up .. as a person who advocates the right of all to breed like vermin & overpopulate this planet & in particular this country, including all sorts of irresponsibles, teenagers, criminals, poor people living off govy handouts, etc ….
a good portion of these probably grow up to vote democratic & continue to expect & receive handouts … you advocate such irresponsible freedoms & then you expect such offspring to be responsible ones & not ask for social services & govy handouts & are shocked they vote democratic
Maybe if Obama made it easier to drill, he wouldn’t have to keep crack whoring the national emergency reserves to bring the prices down for ten minutes at a time.
But no, that would entail someone in that Administration having an iota of economic sensibility.
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like Bush/Cheney?