As gasoline prices continue to rise, Pres. Obama has come out against the high profits of the oil industry.
Well no one can say that Pres. Obama is original. Every time the price of gasoline goes up, the left starts screaming about profits. Of course the liberals always seem to forget that those profits are taxed. Those taxes are a huge source of revenue for the nation. So why are the liberals always out to cut the profits of the oil industry?
Well because the oil industry is evil of course. I mean just look at how little they have done for the nation over the years. It’s not like they employ large numbers of people. It’s not like the nation is dependent on the product that the oil industry provides. It’s not like millions of dollars in 401K’s are invested in the oil industry to provide for the retirement of people across the nation.
It isn’t the profits that are the problem. The problem is the over regulation and restrictive nature of our government when it comes to the oil industry. Instead of encouraging the industry to expand and find new domestic sources of oil. Our current administration is intent on restricting and actually retarding the expansion of domestic oil drilling.
Now some will say that even if the regulations were removed that the oil industry would not expand in order to keep prices high. I find that hard to believe. I feel that if the market was freer, that there would be more competition. More competition means lower prices.
Now, currently Pres. Obama is proposing to remove tax credits and subsidies from the oil industry. One has to believe that this will only lead to higher gas prices. I am not sure how the President is tying the two things together. I’m not sure how you make the argument that removing the subsidies and tax credits will lower prices. One has to know that the companies will just pass the difference on to the consumer.
The only way that you can take away the tax credits and subsidies, and not have the prices go through the roof, is price caps. May God help us if that happens.
Look, I am all in favor of removing all subsidies. But not just from the oil industry. I want to remove all subsidies from all of the green industries also. If we take the credits from the oil industry, only to turn around and give them to the green industry, we have done nothing to reduce the deficit, and nothing to reduce the cost of gas.
Let’s face it, the President doesn’t really expect to remove the tax credits or subsidies from the oil industry. He is in full campaign mode and is playing to his leftist greeny base.
So once again, what do we get from this president ? Absolutely nothing. At a time when we need real ideas on how to create more domestic supply. All we get is attacks on one of the oldest and most profitable industries in the nation. And why? Political maneuvering and pandering to his fringe base.
That is not leadership.