President Obama keeps up assault on tax breaks for oil companies

[cal04]

Source: Associated Press

President Obama used his weekly address to push his plan to end tax breaks to oil companies. Amid rising gas prices and a heated debate over cutting the federal debt, Obama has targeted the incentives Washington gives the energy industry.

"I don’t have a problem with any company or industry being rewarded for their success. The incentive of healthy profits is what fuels entrepreneurialism and helps drives our economy forward," Obama said in his Saturday message. "But I do have a problem with the unwarranted taxpayer subsidies we’ve been handing out to oil and gas companies – to the tune of $4 billion a year."

(snip)
"We need to operate on all cylinders, and that means pursuing a broad range of energy policies, including safe and responsible oil production here at home," Obama said.

"But I also believe that instead of subsidizing yesterday’s energy, we should invest in tomorrow’s – and that’s what we’ve been doing. Already, we’ve seen how the investments we’re making in clean energy can lead to new jobs and new businesses."

Read more: http://thehill.com/blogs/blog-briefing-room/news/158441-obama-keeps-up-assault-on-tax-breaks-for-oil-companies

[Newsjock]

1. 'Assault'!? Really now, AP, come on

"Criticism" perhaps, but "assault" sounds like it's something bad. Did the AP move Nedra Pickler to the headline-writing desk?

[polichick]

3. That's the first thing that came to my mind - how overly dramatic.

[polichick]

2. "instead of subsidizing yesterday’s energy, we should invest in tomorrow’s"

That's the point Dems need to drive home - the talking heads on the other side keep saying that if we cut subsidies for oil we should cut them for green energy. Our guys never point out that the oil companies have had them for years and the point is to support new technologies.

[Cal33]

9. Yes, China is way ahead of the rest of the world in developing sun and wind

energy. We are way, way, way behind. Obama should hurry up.

[SpiralHawk]

4. "That Black man is being mean to us. Whine." - Republicon Socialist Oil Profiteers, Inc. (R)

[freshwest]

17. Obama is so mean! *Boehner weeps*

[JJW]

5. Campaign Rhetoric

He had his boot on the neck of BP and then the oil vanished.

As Obama calls it, this is the silly season of campaigning. A time of hoodwinking and bamboozling the voters with empty promises.

[JDPriestly]

13. The oil did not vanish. Prices are high due to speculation not shortages.

[classysassy]

16. Don't blame Obama

blame those fools that voted for the Republican criminals on November 10th.

[Hotler]

6. It won't happen...

If this wasn't election time he wouldn't be saying anything. He's bought and paid for just like the rest of Washington. The man has no fight. He's had two years to kick some corporate ass and all he has done is kiss ass.

[Cal33]

10. Let's hope he'll finally see that it's not possible to work with the Neocons

on a bi-partisanship basis. Even if they joined him, they'll only continue to
destroy him -- this time from the inside. What I'm afraid of is he might be
obsessed with the idea of bi-partisanship.

[neoralme]

11. Exactly. Do people never learn?

[Muskypundit]

15. nono...

Hes kicked ass alright.....

[freshwest]

18. And more to come. Welcome to DU.

[sulphurdunn]

7. If you want to know

what's going on read energy industry journals. Global coal consumption is slated to double by 2050. Coal exports are on the rise. It's the Wild West out East for gas exploration. Plans for adding nukes to the energy mix are alive and well. Oil refining capacity in the US is down about 7% but exports of refined petroleum products account for about 18% of that production. Like with coal, exports are increasing because foreigners pay more for American resources. American's subsidize them with higher prices and tax breaks. It would take a social and political earthquake to change any of this. The Presidents speech is just a dodge.

[sendero]

8. Obama talks again..

... now let's see some ^#$%# action.

[JDPriestly]

12. I'm happy to hear the President take a strong stand for something

that is just plain right for the country.

[Zorra]

14. Just do it. Should have been done long ago.

Better late than never.

Oil companies need to be reined in and put in the corral.