This post argues that the massive subsidies, mostly in the form of tax breaks, which the oil companies have long been getting are distorting our economy and causing it harm. By giving all these special subsidies and protections for the fossil fuel industry we hurt innovation here at home and our countries long term global competitiveness.
Critique of the Obama presidency’s energy policies. This post makes the painfully accurate point that the Obama administration has essentially given the big Wall Street bankers a free pass and has bailed them out and shielded them from having to bear the consequences of their greed driven risky investments; while at the same time he is attacking the domestic US oil industry.
In this post, which is part of a series of posts on the hot button topic of rising gas prices and record oil company profits, Robert argues against the powerful temptation to tax Exxon/Mobile’s recent windfall profits. Doing so will do nothing to lower recent high gasoline prices, which in reality are driven by global supply and demand and will risk driving more of the oil business overseas. He goes into some depth on each of the main tax breaks and subsidies that the oil sector now enjoys and argues the case that these need to be continued and that the oil sector should not be singled out. He poses the question if it is fair for ExxonMobil to pay even more income taxes, than why not Apple or Google, which have much higher profit margins?