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Why do democrats keep calling these tax breaks subsidies? Why do they keep neglecting to mention that many other industries in this Country get the same tax breaks? Why do they fail to inform us that they are picking on FIVE oil companies? They aren't demanding that these tax breaks be taken away from ALL oil companies, just the five that they don't like. Why don't they admit that if these tax breaks are taken away the price of gasoline will rise in accordance?
These big five oil companies pay about 40% in taxes, even with the tax breaks they get, billions of dollars. But all the democrats see is the dollar figures, never mind that there are lots of companies that make a bigger profit percentage, just not the dollar amount. The democrats also refuse to mention that out of those profits the oil companies pay for research and development and exploration. It's not like they drill a hole in the ground and oil pops out. They spend huge amounts of money figuring out exactly where the oil is.
And lets also keep in mind that the oil industry employs thousands and thousands of people. Every time obama and his gang of thugs make it harder for oil companies to drill, Americans lose their jobs. The oil industry sufffers every day along the Gulf Coast because obama refuses to allow them to drill.
obama recently said he is going to increase drilling in the Gulf, off of Alaska, and off of California. It's bullshit. It is an election stunt. He has no intention of EVER allowing our Country to become energy independent. Don't fall for it people...
From FoxNews
As expected, Senate Democrats lost a key test vote Tuesday on a bill that would have repealed $20 billion worth of tax subsidies for the nation's five largest oil companies, falling 8 votes short of a win.
The 52-48 vote came as a majority of Americans say in a new Gallup poll that high gas prices are hurting their finances.
Nearly seven in 10 Americans said high gas prices are causing financial hardship for their families. More than half said to compensate, they have made major changes, ranging from shorter trips to cutting back on vacation travel. More than a 1,000 people responded to the poll that has a 4 percent margin of error.
The national average price for a gallon of regular gas is $3.94, according to AAA, and Democrats were looking to exploit that high price with Tuesday's vote.
Last week, Democrats grilled oil executives on the tax breaks that they say are not needed and President Obama announced Saturday he was directing his administration to ramp up U.S. oil production by extending leases in the Gulf of Mexico and off Alaska's coast.
Democrats have been touting a new report by the Joint Economic Committee found that eliminating the tax breaks would reduce the deficit by $21 billion over 10 years and encourage alternative energy and energy efficiency.
"This new JEC report makes clear that there are ways to bring down the deficit without harming our economic recovery," said Sen. Bob Casey, D-Pa., chairman of the committee. "By repealing unnecessary tax breaks to the major integrated oil companies, we can reduce the deficit by more than $20 billion and speed the move to a clean energy economy without impacting prices at the pump."
But Republicans opposed the bill, saying it won't relieve pain at the pump, a conclusion also reached by Senate Majority Leader Harry Reid, who said on the Senate floor Tuesday that "it won't affect gas prices at all."
Reid then went on to say the opposite.
"We have to do something about the exorbitant gas prices, and the best way to start with that is to do something about the five big oil companies getting subsidies they don't need," he said.
Read the rest at the link above...