Monday, April 2, 2012

About Tax Breaks For The Oil Companies

The title of today's blog is exactly the same as the title of a blog posted on May 10, 2011. No need to change a single word. Nearly a year later, the story of tax breaks for the oil industry has become a seemingly never-ending one.

President Obama and Congressional Democrats are still seeking to cut back on the subsidies enjoyed by the five largest oil companies. But those corporate giants, which continue to reap mind-boggling, record profits, still have the support of the GOP.

And last Thursday, Senate Republicans blocked the latest attempt to curtail the preferential treatment given the oil industry--by blocking a bill appropriately named "The Repeal Big Oil Subsidies Act".

As the price of gas at the pump continues its upward spiral toward $4 a gallon--with predictions of $5 per gallon by summer--one has to wonder why voter dissatisfaction with the cost of gasoline has not erupted into outrage deservedly directed at the Republicans who blocked last Thursday's oil company legislation.

1 comment:

  1. “More taxes would do nothing to lower prices," said Brian Johnson, senior tax adviser at the American Petroleum Institute. “They would, however, hurt the economy by reducing energy investment and the new jobs that would flow from that investment." This is an example of a powerful energy lobby at work. Good luck Mr. President and fair minded members of Congress on your efforts to take away some of the overly generous tax privileges of the oil companies and to persuade them to pay their fair share of taxes. I am not holding my breath until you succeed.