Barack Obama calls for an end to oil subsidies
Earlier today, in his weekly radio address, Barack Obama called for an end to oil subsidies. This is something that he promised to do when he was running for president in 2008, but he wasn’t able to accomplish this goal even with a Democrat majority in the House and Senate, and so it slid into obscurity.
But this is an election year and as he ramps up his 2012 reelection campaign he has decided to take advantage of high gas prices for political reasons by playing yet another game of us against them, and he is now bringing the issue back to the table after it has been missing for nearly three years.
Claiming that he wanted to put the Congress on record as to which side they are on, Barack Obama had this to say:
They can either place their bets on a fossil fuel from the last century or they can place their bets on America’s future
It seems to me that in the cases of Solyndra, LightSquared, Beacon, Fisker, Tesla, SunPower, and Ener1 the Obama regime has already bet on America’s future and it resulted in the loss of billions of dollars of taxpayers money. It was an absolute failure, yet Barack Obama seems willing to double down on this if he is reelected.
So, which side are you on?
As for me, I will bet on the proven fossil fuels of the last century over the failed and unproven green energy initiatives of the future until it can be shown that the future is more than just science fiction.
America's Watchtower 
I am linking this to my post from today, great minds do indeed think alike…
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Thank you Fred!
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Well, WordPress is saying I don’t exist… Funny, I feel like I’m here…
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You look like you exist!
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Here in NJ the democrat controlled State Senate, with the help of a republican turncoat, passed legislation to return NJ to the Regional Greenhouse Gas initiative, known in these parts affectionately as Regi. Thankfully there are not enough votes to override Gov. Chris Christie’s(R) veto. The convoluting continues even in the face of Cylinda et al. My pragmatic side refuses to allow me the luxury of believing that the Kid From Kenya and his cohorts can be dislodged from either the White house or The Senate. This latest effort here in NJ was led by the League of Women Voters. They were in the forefront of this latest effort to hoist upon the residents of NJ a utilities tax to stop the Governor’s efforts to b ring dirty air and filthy water to NJ. These sickos long for the days when John Corzine(D) as Governor, misplaced $5 Billion which has yet to be found, a governor who brought to a screeching halt the growth the state had enjoyed for the decade before he bought the governorship with Goldman Sachs’ money. Here and everywhere across the once fruited plains we are getting what we deserve. God Help America.
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New Hampshire is part of a Regional Greenhouse Gas initiative with the other New England states. Our Republican legislature is trying to get us out of it, but they have been unable to do so.
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Well, I guess that will balance the budget NOT. Oil is only 15% of the money spent on energy Subsidies.
http://www.americanthinker.com/2012/03/big_oil_and_tax_breaks.html
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It’s funny how the politicians always make it sound like the oil companies are the ones receiving these subsidies.
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Eric Boling on the Five yesterday made the point that even if Obummerites took away
“subsidies,” the oil companies would still be getting subsidies vis a vis the U.S. government as a result of the U.S. military protecting petroleum shipments passing through the Persian Gulf and Straits of Hormuz – paid for of course by the American taxpayers.
What is intentionally over looked by the White House is that oil companies are also getting massive subsidies, ie tax breaks, by participating in clean energy research – another words Obama is once again blowing more smoke and mirrors.
As long as the oil companies and a host of other multinational conglomerates and international banking interests, part of the D.C. “K” St. lobbying cabal, are allowed access to the so called “hallowed” halls of Congress and the White House, nothing will ever change….WM
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Very interesting William, Obama is once again trying to pull the wool over our eyes. This is purely a political stunt during an election year and I think that most people understand that.
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Exactly what about companies like Solyndra. At least the oil industry creates jobs and gives us oil. And their tax credits are no different from other industries writing down the value of their machines or inventory.
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Exactly Harrison, at least there is a return on the investiment in fossil fuels, unlike this unproven green energy that Obama likes to waste money on.
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The only thing green about them is how much money they suck up.
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I want to echo what Harrison said. Obama would like us to believe the oil companies are the only ones receiving these subsidies, but that just isn’t true. Every company can use them. He just wants to refuse them to oil companies because that will further his agenda against fossil fuels.
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So true Larry, Obama and the Democrats like to make it sound like the oil companies are alone in there subsidies when they are not and it is done for political reasons.
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I am pretty tired of being told what is best for me. I think we need to still look for new ways of energy in the future, but we have plenty of what we need right now to function. If one person has the ability to yank that back from us, we do not have the system in place that our Founding Fathers wanted us to have, This is all a political ploy for the election. Exactly how have we benefited so far by the green companies tht Obama has given so much money to?
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I agree Lou, I am all for finding new energy sources but until that time we must use what we have.
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Yet they pay 40 percent of Gross profits in taxes. The so called subsides I read are really the same tax deductions that other companies get.
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That’s the way I understand it as well, the oil companies aren’t getting subsidies that other comanies aren’t.
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Much of the estimated oil reserves on this continent are viable only when prices are high, due to the high cost of extraction.
As to “failed and unproven” green energy sources, there was an initiative here in Georgia to let homeowners put solar panels on their houses to generate electricity for their own consumption; when production outstripped consumption, the electricity would flow into the grid and the homeowner’s electric bill would be credited for the value of the power supplied.
The traditional energy companies in GA didn’t think it was such a good idea, though. Not only wouldn’t they go along with the part about excess production being fed into the grid, they ganged up and lobbied the legislature to prevent people from installing solar panels on their houses. Now, they couldn’t simply forbid what a homeowner does to his house, but they made it illegal for banks to lend money for that purpose; thus, to install solar panels on your house in Georgia, you must have the full cost on hand. In addition, you cannot set up any arrangements with your neighbors to let them have your excess production.
It’s one thing to go with the proven energy sources of the past; it’s another entirely to use the state’s legislative power to prevent the exploration of alternatives.
Hope all’s well for everyone, and may God bless us all!
TGY
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That is the problem with our government, they want too much control. You would think that they would be happy to get the extra electricity back on the grid and credit it, but guess not. Then, to stop loans to do that to help yourself, well that is just plain wrong. I say we get rid of ALL of them and start over fresh with no career politicians, can’t do any worse. I like the solar idea, years ago we were going to try and build an underground berm house, but back then starting a family we just didn’t have that extra cash and it was the same thing on the bank loan, they would not do it. Sometimes I think they don’t WANT us to move forward.
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Well, yes, it was the GOP-controlled Georgia legislature that actually enacted the legislation, but don’t give them credit for dreaming thing up on their own – it was the energy companies that successfully lobbied the legislators to protect their already-protected monopoly.
That’s one of the very frustrating things about our form of government – now that corporations are considered people for the purpose of free speech, they can hurl all the money they want at politicians – and the politicians are such a great investment! In many cases, we find that a campaign contribution of $25k or under can lead to contracts in the millions of dollars.
Or, conversely, that the threat of withholding campaign contributions can also lead to government interference in the free market.
All their freemarket protestations notwithstanding, most major corporations and privately-held businesses have mastered the art of subverting the capitalist system by influencing government to favor them and hinder their competition.
Take good care and here’s to a prosperous week!
And may God bless us all!
TGY
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Honestly TGY, it is a sad state of affairs we are in today. Too few people have too much influence in the system and we regular people are influenced by the money coming into the politicians because they are able to buy the TV time and persuade the voters. I am growing more skeptical of the system every single day.
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I agree with that TGY, it is shameful that the government in Georgia purposely made it too expensive for people to use another energy source in order to protect the energy company.
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If I remember correctly, Georgia made it illegal for a community to create their own internet infrastructure if the existing telco does not want to do it.
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I wouldn’t doubt it one bit Terrant.
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I don’t think this is about green energy at all. I think it’s about spreading the wealth, If you can’t produce the energy to run a country, that wealth goes somewhere else. If Chinese made windmills and solar panels are the future, then we don’t have a future.
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That is a big part of this as well.
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This is where conservatives and liberals are both right and are both wrong. The government should not subsidizing any business. Oil subsidies and green energy subsidies should be eliminated as they both distort the free market.
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I have to generally agree with you here.
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I agree with you also Terrant, I wasn’t defending the oil subsidies, but just trying to point out that they aren’t getting breaks that other companies are not. I would love to see the government get out of the businesses once and for all.
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On the whole, I don’t oppose the way we’ve traditionally supported utilities, protecting them from some of the market’s uncertainties by guaranteeing them a profit while regulating their prices. And I’m not opposed to government subsidizing the research process to speed along, as it were, the development of new technologies and sources of energy. We do it with medical and pharmaceutical research.
Maybe, though, we should restrict these grants to the traditional research institutions like universities and provide for public ownership of the patents – the royalties, perhaps, being used to fund further research and college scholarships.
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An interesting idea.
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Just sayin’, a lot of TRUTH in this post..
Obama to Visit Oklahoma to Talk About Oil Drilling.
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