I don’t get it. Tax breaks for big oil being proposed? Preposterous!
Hasn’t anyone in Washington, or the proletariat figured out that the price of fossil fuels is and now always will be artificially inflated by OPEC. What’s more don’t they realize that OPEC is as concerned with secular demand destruction as they are with profits? Meaning OPEC would love oil to be sustained at a higher price, but just not so high that people begin to structurally reduce their energy consumption. This is effectively a known fact.
That said the current inertia is allowing OPEC to extract an extraordinary economic rent (colloquially known as profit) based on fear and greed.
If the US simply added a tax on foreign oil and gas we would not only support out own oil companies without offering them tax breaks, but we’d also be repatriating some of those OPEC profits because the middle east does not want the price to drift much further than it did about a month ago out of fear of tipping another global recession.
Thus, why not tax imported energy to subsidize domestic energy production, both carbon and non carbon based.
We are gonna pay a lot for oil nomatter what. Why not pay more of that profit back to US in the form of an energy import tax. A real American would never leave that much profit on the table for a foreigner to extract.
People wake up! Our politicians rather see American’s pickpocketed by OPEC rather than introduce a new tax.
Makes you wonder when Democracy actually became un-American!
CNBC.com Article: Republicans Rejected Tax Deal at White House: Aide
Republicans rejected a deal at a White House meeting on Thursday that would have included a payroll tax-cut extension and a number of tax breaks for certain business sectors, a Democratic aide said.