Yea right… the [Dim]ocrats taking aim at something is like watching the Gang Who Shouldn’t Shoot Straight. None-the-less, they are. And their target is everyone’s pocketbook.
Oh they don’t say that, their aiming at Big Oil, but we all know what the end result will be. Increased prices for everyone.
Incoming House Speaker Nancy Pelosi, in an outline of priorities over the first 100 hours of the next Congress in January, promises to begin a move toward greater energy independence “by rolling back the multi-billion dollar subsidies for Big Oil.”
Of course as any business big or small does when Uncle Sam takes away a tax benefit it all rolls downhill and lands in the lap of the consumer. That’s the economic given of the situation, not that the [Dim]ocrats will frame their argument in those terms.
Thats too honest. Their not attempting a rape of your wallet, they’re taking on BIG BUSINESS.
It’s interesting what they’re targeting and makes one wonder if they have thought their “plan” through. (hold the snickers please, I know that’s not possible)
Topping the list for repeal are tax breaks for refinery expansion and for geological studies to help oil exploration. Wonder how they’ll sell that one when everyone, even many [Dim]ocrats in their more lucid moments, concede no refinery expansion/construction has occurred in the U.S. since the mid-seventies. The lack of refinery capacity was a prime suspect during the Katrina related shortages and also this past summer.
Their second target is a measure passed two years ago to promote domestic manufacturing. It allows oil companies to take a tax credit if they chose to drill in this country instead of going abroad. This goes hand-in-hand with cutting tax breaks for geological studies. If there are no geological studies conducted and no credits for drilling oil wells within the U.S.
It all fits into their agenda. The [Dim]ocrats wouldn’t allow drilling of any kind even if it were a gusher Olive Oil well, the product of which would be sprinkled on their $75 dollar a plate pasta lunches at Spagos.
According to Congressional Budget Office estimates the production tax credit saves oil companies $5 billion over 10 years. The refinery measure and exploration credit puts a total of about $1.4 billion over the same length of time.
In total these economic geniuses are looking at less than one billion per year if these measures pass. Pelosi and her moonbat minions don’t care, it’s Big Oil after all. They have to be punished for not only being Big Oil but also for what they feel is a too close relationship with the Eviiiil Bush and Dr. Death Dick Cheney.
Just keep in mind one thing. The [Dim]ocrats have resurrected something from Bush I, “No new taxes.” For the most part they will stick to that. What they will do is slash every tax cut on the books, or let them sunset out of existence.
All the “extra” revenue generated will fuel their pet social engineering and wealth redistribution projects. And as business rolls the extra cost down to the consumer the economy will inexorably head down the toilet as prices go up and inflation increases.
NOTE: Wonder if during that “first 100 hundred hours” Pelosi will figure how increasing costs to Big Oil will reduce dependence on foreign oil?
Oh wait I know. Higher fuel costs means less driving by consumers and less oil used. Question: If it was Bush’s fault that gas prices went to 3 bucks a gallon (they say) will they accept responsibility for the higher costs to consumers?