Oil industry shrieks over White House budget plan

[depakid]

It's like this president didn't even work for an oil company

The White House proposal to repeal nearly $40 billion in oil, gas and coal industry tax breaks over a decade drew a quick attack from the oil industry’s largest trade group Monday.

“With America still recovering from recession and one in ten Americans out of work, now is not the time to impose new taxes on the nation’s oil and natural gas industry. New taxes would mean fewer American jobs and less revenue at a time when we desperately need both. A robust U.S. oil and gas industry is essential to the recovery of the nation’s economy,” said API President Jack Gerard of the White House fiscal year 2011 budget plan unveiled Monday.

The White House wants to end over $36.5 billion in oil-and-gas tax breaks -- including repeal of a lucrative tax break for domestic manufacturing -- and another $2.3 billion in coal industry tax incentives.

The White House linked repeal of the oil industry tax breaks to development of alternative energy. “Repealing fossil fuel tax preferences helps eliminate market distortions, strengthening incentives for investments in clean, renewable, and more energy efficient technologies,” the budget proposal states.

The proposal also cites last year’s pledge by G-20 nations to phase out fossil energy subsidies and claims the repeal of subsidies would help slow greenhouse gas emissions. “In addition, removal of market distortions created by fossil fuel subsidies will lead to a more efficient allocation within the energy sector as well as across sectors, likely with positive impacts on National output and gross domestic product,” the plan states.

More: http://thehill.com/blogs/e2-wire/677-e2-wire/79009-oil-industry-bashes-white-house-budget-plan

[Skittles]

1. VERY good sign

:thumbsup:

[Selatius]

2. It's a game of chicken between the oil oligarchs and the Obama White House.

Who will veer away first?

[Joe Chi Minh]

3. This sounds more like the hope you can believe in. Now his words

- if he continues to restore justice, nay, sanity - can grab our attention again. 10 years sounds a long time, but maybe it's genuinely realistic. No more 'seeking common ground' with the endemically elite. Next, the super-rich across the board.

It reminds me of an occasion when I and another bloke were picking up some gear for a Catholic charity from an old, very upmarket flat. The first thing that struck me was that the hallway had wall-to-wall, fitted, Wilton carpet, and instead of being narrow, was more like a large room. Joe (the real one) turned to me and said, "This is the common stair"; it was 'common', of course, in the sense of 'communal', because it sure wasn't a 'common or garden' variety.

No more 'seeking common ground' with the endemically elitist. Next, the super-rich across the board.

[Why Syzygy]

6. Sorry to inform you... this is not a SAVINGS plan

They are merely moving funds from one pocket to another. You don't think the oil industry has any investments in "alternative" fuels? Please wake up! The "green" industrial complex is already staffed and waiting for funds to slush their way.

[Joe Chi Minh]

13. Don't be sorry to infrom me. I like to learn. Also, he seems to have failed

on three major issues to assert the most elementary - I was going to say, 'progressive', but its' much more fundamental than that - standards, taken for granted in Western Europe: the public health-care option, lawful elections and non-corporate, less grossly- biased media. It is as if he feels he doesn't have the backing of his party colleagues, so prefers to 'go along to get along' with the Republican Establishment; no wish to stick his head above the parapet on a major, and consequently, confrontational issue.

[avaistheone1]

14. True.

I see green commercials from them all the time, like green BP and their alternative technology.

The oil companies are master con artists. The game is ALWAYS rigged in their favor ALWAYS.

You are correct the oil companies will just be taking money from one pocket and putting in the other.

I am sure this has all been worked out in the backroom with the oil companies in a gentlemanly fashion before this hit the Congressional floor.

Let the kabuki theater begin.

[LARED]

4. Now is not the time to do this

In my area there have been no less than 1000 layoffs in the refining industry.

[avaistheone1]

15. The oil companies have plenty of money.

They don't need to lay off anyone. They only reason to do so would be to punish the Democrats.

The whole country should not have to continue to suffer as a result of the oil companies. I am tired of our fate always being in their hands.

[LARED]

16. You think oil companies lay off people to punish Democrats?

Really? Seems odd that oil companies close refineries just to irritate Democrats. I would suggest getting a clue.

[avaistheone1]

17. Oil companies do whatever the f*** they want.

Perhaps you forgot about the oil wars we are fighting on their behalf.

[Canuckistanian]

5. My unemployment benefits just ran out

How DARE the government impose more taxes on me.

[quantass]

7. Doesn't all of this have to get through the house / senate? In which case CHECKMATE oil companies.

[AndyA]

8. No sympathy. NONE.

They may have to dip in to some of those OBSCENE PROFITS from previous years to get by. Why, the profits from one quarter alone are more than most companies make in a year (or two or three...) (unless you're a Wall Street bank, of course.)

Fuck 'em.

[Caretha]

9. According to the oil moguls

there is never a good time to tax them. Not in their obscenely profitable days nor in their lean ones.

[pleah]

10. Didn't they make world record profits the year Katrina hit?

Tax them.

[zbdent]

11. I believe they announced record profits two weeks after

begging on their hands and knees to the Repugs, saying how they wouldn't survive without massive tax breaks ...

[old mark]

12. About fucking time - now DO it, don't just talk about it. Next, remove

corporate farm subsidies and tax all church property.

mark