Is the federal government actually giving it money or is it allowing it to keep more of its own money? I think itís the latter. Letting someone keep more of what they have earned is rather different than giving folks things for free. You realize this, no?<quoted text>How about corporate handouts? I've been in Exxon stations where they are getting around $4 for every gallon of product they sell yet they get hundreds of millions in subsidies from the giverment! They are buying filet mignon and caviar AND politicians with corporate welfare! If you can't make it on billions in profits without giverment handouts, maybe Exxon ought to get a job at McDonalds!
Having said that I despise the tax breaks for big oil. It does nothing for anyone, except those corporations.
Oil is a global commodity Ö just because it is pumped out of the ground here or refined into gas here, doesnít mean it stays here Ö it follows the $$. The only reason you would want to encourage national production is if you thought an OPEC type embargo would be possible, in which case under such circumstances you could in theory enact legislation requiring all oil produced here to stay here, to prevent shortages.
OPEC is not nearly the force they were in the 70s Ö and politically/economically, the world is quite different today than it was in the 1970s. I donít see it happening.
It is poor policy and is one of the things I disagree with the republicans about, along with their general disdain for the environment. Iím not a republican. Iím also not a democrat.
Having said that if you think cutting back on big oil tax breaks, even in combination with higher taxes on the 1%(both of which I support) will put our country on a sustainable course, absent additional cuts to spending, including entitlements, I have a bridge Iíd like to sell you. Itís not possible. There are not enough 1%ers and there are not enough tax breaks to make it so.
At some point, entitlement spending will need to be reformed along with these things. I know it breaks your liberal heart, but itís just reality. What republicans and democrats need to do is sit down and strike a ďgrand bargainĒ and if we want to do it right, bother are going to have to give more than they want to.