The Administration and many Congressional Democrats are after Big Oil again. In fact, BIG OIL has become Obama’s boogeyman. He raises the subject to divert attention from the failures of his Administration and to create an evil and scary foe for us all. He has to blame some one when things go awry. Four dollar gasoline, it cannot possibly be the fault of his policies.
Yesterday, the U.S. Senate, by a vote of 51-47, failed to invoke cloture on a bill to radically change the tax treatment on certain oil and gas producers. The additional revenues would have been used to fund expired and expiring tax subsidies for renewable and alternative energy sources.
At nearly the same time of the vote, President Obama was presenting his own views, urging Congress to eliminate what he calls favorable, greedy tax treatment for the industry by railing against oil company profits, and petroleum market speculation, although the White House has already conceded there is no direct and immediate linkage between ending oil company taxes and reducing gasoline prices.