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road kill
03-30-2012, 10:12 AM
Who cares!!!




Did You See the Senate's Gas Price Sideshow?

In case you missed it, there was quite a performance in the U.S. Senate yesterday. Liberals put on an election-year show, with the personal encouragement of President Barack Obama, in which they attempted to impose higher taxes on the oil industry as punishment for their profits while gas prices are at an all-time high.

The Senate rejected the bill 51-47. Despite certain defeat, liberals brought up the legislation in hopes of distracting the American people from the fact that President Obama is refusing to take steps that would help increase the supply of oil in the United States, and decrease regulation, thereby bringing down costs for consumers. As Senate Minority Leader Mitch McConnell (R-KY) put it, "Day after day after day, Democrats ask us all to come out here, not so we can make an actual difference in the lives of working Americans and families struggling to fill the gas tank, but so we can watch them stage votes for show."

Heritage expert David Kreutzer points out, most of what the President and his allies call "subsidies" are merely manufacturing tax credits that already put the oil and gas industry at a disadvantage:

[T]he unfair tax break that makes up nearly half of what Obama calls "subsidies" is the manufacturing tax credit. All manufacturers except the oil and gas industry get to deduct 9 percent of their revenues before calculating their tax bills...Though oil and gas producers get the deduction, they are singled out for a lower 6 percent deduction. The oil and gas industry gets a deduction that is only two-thirds as generous as for all other manufacturers ...yet the deduction is called a subsidy to oil and gas. The President's proposal does not eliminate the deduction for any other industry.

To make matters worse, if this legislation had passed and the President achieved his goal of increasing taxes on the oil industry, it would have only served to raise the price of fuel at the pump. When industry is taxed, they invariably pass on the costs to the consumers. But that fact apparently doesn't matter to the President. His plan, instead, is to take money from the oil industry and hand it to his friends in the alternative energy industry, as he described:

Instead of taxpayer giveaways to an industry that's never been more profitable, we should be using that money to double down on investments in clean energy technologies that have never been more promising. Investments in wind power and solar power and biofuels; in fuel-efficient cars and trucks and homes and buildings. That's the future.

While the President talks about the future, he glosses over the past. For over three years, he has talked about the promise of alternative energy -- and he has invested billions of taxpayer dollars in order to prop up those companies. But those efforts have failed. Solar energy company Solyndra went bankrupt, despite $535 million in taxpayer funding, along with Beacon, Ener1, Abound and others. The New York Times criticized the President's efforts and concluded that his promise to create five million "green" jobs over 10 years has proven to be nothing more than "a pipe dream." Meanwhile, The Washington Post reported, "Meant to create jobs and cut reliance on foreign oil, Obama's green-technology program was infused with politics at every level."

The President's crony capitalist devotion to the alternative energy industry -- at the expense of energy sources that work -- comes with serious consequences. Heritage's Nick Loris explains:

The reality is that when it comes to energy policy, the free market works. Indeed, the business environment for energy is robust despite seemingly endless forays by policymakers and bureaucrats into the energy industry. But those attempts to control energy markets do have an effect: They result in higher prices, fewer available energy sources, reduced competition, and stifled innovation.

But the President wants even more government involvement in the energy business -- on his own terms. In Obama's FY 2013 budget, he included billions of dollars for a hidden green stimulus -- taxpayer money to be spent by the Department of Energy to fund research on technologies that are not commercially viable. In a new paper, Loris identifies $5.5 billion of wasted money that should be cut from the President's budget, thereby removing the government--and taxpayers--from the role of subsidizing research.

Instead of picking winners and losers, the federal government should let the free market do its job. In addition to getting out of the business of funding research best left to the private sector, that also means ending targeted tax credits for oil, renewables, nuclear, alternative fuels and vehicles, and advanced coal and gasification. The next step is for the federal government to open access to domestic energy sources and end unnecessary, overly burdensome regulations that get in the way of energy production. And the President should approve the Keystone XL pipeline and open up federal lands for energy exploration.




Hope and Change!!:D


RK

gmhr1
03-30-2012, 10:17 AM
Pres Obabma is the look over here not over there President. Kinda like the chewbaca defense on south park sure this is happening, but look over here its a chewbaca! I'm surprised their not blaming the hoodie for the high gas prices lets not deal with the problem!

My husband is retired now and we drive a prius so we dont drive that much, my daughter is a teacher that commutes 60 miles a day pretty soon it will make more since to stay home collect unemployment than pay the gas to get to work.

Franco
03-30-2012, 10:56 AM
With the current administration's hostility towards big oil, it won't be long before all their corporate HQ's will be on foreign soil. That will be a major loss of Federal revenue.

I think subsidies for all businesses should end. But, to single out oil and gas production sends a clear message to oil companies.

Obama is clueless when it comes to energy!

Uncle Bill
03-30-2012, 05:16 PM
We can only hope this bufoon continues his idiotic rants. It's amazing how he is railing against an industry that seems to be the only one doing well.

The Only Sector Of The American Economy That’s Growing Is The One President Obama Has Opposed The Most

http://sayanythingblog.com/files/2012/03/Barack-Obama_2169024a-300x187.jpg
Written By: Rob Port (http://sayanythingblog.com/entry/author/admin/)
March 30th, 2012 - 10:43am
http://w.sharethis.com/images/check-big.pnghttp://w.sharethis.com/images/check-big.png




There are some signs of economic recovery. Or, at least, there are signs that we’ve hit rock-bottom in the recession and things aren’t likely to get any worse. The old “nowhere to go but up” situation. But what is driving that moderate amount of recovery?
An inconvenient truth for President Obama is that it’s the fossil fuel energy sector, which he has made an enemy throughout his term in office, which is leading the way (http://cnsnews.com/blog/bill-hobbs/despite-obama-two-sectors-are-helping-drive-obama-recovery):

“Manufacturing has added close to 400,000 jobs in the last 24 months, and a good deal of the action is in autos/machinery/metal products. Meanwhile mining is the number-one fastest growing industry in the economy, and our supply of cheap natural gas should encourage a revival in the M&M sectors, especially around the Great Lakes and the northwest. With 80 percent of the country employed in services, I’m not optimistic that manufacturing can recapture its mid-twentieth-century glory, but it doesn’t have to. As long the M&M bounce continues, employment growth will ricochet through the service-sector in cities revitalized by capital and labor investments in factories and offices.”
Ironically, the Obama administration’s energy and environmental policies are aimed at driving up energy costs, reducing coal mining and making it more expensive and difficult for the oil-and-gas sector to recover domestic supplies, which could put the growth of mining and manufacturing at risk.
Obviously, the Obama administration is going to seize on any hint of economic recovery and claim credit for it, and exoneration for their policies. The problem is that it’s sort of hard to claim credit for economic growth in mining and oil production when you campaigned on bankrupting coal mines and rail constantly against “big oil.”

He and his regime must believe no Americans are smart enough to see through his rhetoric. I say, "keep it up, and eventually even your most prized sheeple will 'GET IT' and won't get sheared again."

UB

mngundog
03-30-2012, 07:13 PM
With the current administration's hostility towards big oil, it won't be long before all their corporate HQ's will be on foreign soil. That will be a major loss of Federal revenue.

I think subsidies for all businesses should end. But, to single out oil and gas production sends a clear message to oil companies.

Obama is clueless when it comes to energy!
This year they ended a bunch of subsidies with the ethanal industry, I remember someone posted on POTUS about it saying its time for ethanal to stand out its own. I believe like you all subsidies should end, theres no time like the present, I can't imagine anyone who thinks that the goverment needs to get smaller could oppose this.

Hunter Burke
04-04-2012, 11:08 PM
Just trying to get my posts in.