Obama: End tax breaks for oil companies

wash times ^ | 3/17/12 | d boyer

[bestintxas]

President Obama said Saturday he can’t do much to lower gas prices, and renewed his call for Congress to end tax breaks for oil companies.

“The truth is, the price of gas depends on a lot of factors that are often beyond our control,” Mr. Obama said in his weekly address. “Unrest in the Middle East can tighten global oil supply. Growing nations like China or India adding cars to the road increases demand.”

The president didn’t mention one of the few direct actions he could take to try to lower gas prices in the short term — releasing oil from the U.S. Strategic Petroleum Reserve.

Mr. Obama called for that solution as a candidate in 2008 when gasoline prices neared $4 per gallon, and he reportedly discussed the option earlier this week with British Prime Minister David Cameron.

Instead, Mr. Obama said his administration is cracking down on oil profits — on traders who “distort the price of oil, and make big profits for themselves at your expense.” And he called on Congress again to eliminate $4 billion in annual tax breaks for oil companies.

“Your member of Congress should be fighting for you,” Mr. Obama said. “Not for big financial firms. Not for big oil companies.”

A report by the nonpartisan Congressional Research Service last year found that eliminating the subsidies would likely result in higher gas prices in the short term.

[bestintxas]

The complete idiot must be alone in the world if the thinks this will lower gas prices.

Like trying to get a cheaper hamburger by adding taxes to McDonalds?

Note to libs: this guy is no patriot of this country.

[FlingWingFlyer]

Barry Soetoro is a complete moron.

[lowbridge]

Bump

[ml/nj]

I wonder if he could be more specific. Is he trying to have oil companies pay taxes on gross income instead of net income?

ML/NJ

[Venturer]

Barry Soetoro is not the moron to worry about. It’s the thousands of Morons who put this POS in the White House and others of the same ilk in the House and Senate,that worry me.

What idiot believes that gas prices will go down if we add more tax’s to oil companies? Do the people who voted for this fool rally believe that?

That’s almost as stupid as believeing Health Care will get better when the Government runs it.

[FlingWingFlyer]

Normal people are smart enough to figure out who is going to pay these increased taxes for the oil companies. Unfortunately for us, Obama supporters ARE NOT normal people. They are freaks of nature. The Walking Dead Voters.

[andyk]

I wonder if he could be more specific. Is he trying to have oil companies pay taxes on gross income instead of net income?

Our illustrious leader wants to prevent oil and gas companies from benefiting from the domestic production tax deduction that oil and gas companies get, along with a plethora of other domestic manufacturers.

[andyk]

Whoops, my last post was directed to you. :)

[unkus]

Barry Soetoro is not the moron to worry about. It’s the thousands of Morons who put this POS in the White House and others of the same ilk in the House and Senate,that worry me.

---

The danger to America is not Barack Obama but a citizenry capable of entrusting a man like him with the presidency. It will be easier to limit and undo the follies of an Obama presidency than to restore the necessary common sense and good judgment to an electorate willing to have such a man for their president. The problem is much deeper and far more serious than Mr. Obama, who is a mere symptom of what ails us. Blaming the prince of the fools should not blind anyone to the vast confederacy of fools that made him their prince. The republic can survive a Barack Obama It is less likely to survive a multitude of fools such as those who made him their president.” — Author Unknown

[Captain Jack Aubrey]

OK, I get it. Make producing oil and gasoline more expensive and that will result in lower oil and gas prices. And something tells me the American people will buy into that.

[nhwingut]

A report by the nonpartisan Congressional Research Service last year found that eliminating the subsidies would likely result in higher gas prices in the short term.

So basically Obama is calling for higher gas prices just to punish "big oil." The guy is insane.

Because the markets and taxation have no effect on prices.