With the war on coal nearing completion, the new demon – oil – has come back to the fore. I’d sure hate to be in charge of one of those facilities under Obama’s reign – I’d be on tranquilizers.
Obama renewed his war on oil in a speech today. President Obama wants oil company subsidies abolished – that would be $4 billion in oil and natural gas subsidies so he can move the funds to clean-energy fuels (because they’ve been so effective???). In the past, Obama has said that the costs will be passed onto consumers and he repeated that today. Obama urged Congress to repeal the tax breaks. Republicans oppose it and they have the votes to block the legislation, which means they have Democratic votes (it is an election year).
Businessweek…Republicans today cited a March 3 Congressional Research Service report that found repealing $22.8 billion in tax breaks over five years would reduce the tax breaks for independent companies and, on a small scale, “would make oil and natural gas more expensive for U.S. consumers and likely increase foreign dependence.”..