Obama demands Congress end oil, gas subsidies

Discussion in 'Energy' started by Matthew, Mar 1, 2012.

  1. Matthew
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    Matthew Blue dog all the way!

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    Obama demands Congress end oil, gas subsidies
    Newsday ^ | JULIE PACE (Associated Press)

    Obama demands Congress end oil, gas subsidies
    NASHUA, N.H. - (AP) -- President Barack Obama, turning his political sights on snowy New Hampshire, demanded that Congress eliminate oil and gas company subsidies that he called an outrageous government "giveaway." Though politically a long shot, the White House believes the idea resonates at a time of high gasoline prices.


    "Let's put every single member of Congress on record: you can stand with oil companies or you can stand up for the American people," Obama said.


    The president also said GOP charges that his policies are driving up gas prices won't pass "a political bull-detector" test and pointed to a chart that showed decreasing U.S. dependence on foreign oil. His remarks came as retail gasoline prices rose Thursday to a national average of $3.74 per gallon.


    (Excerpt) Read more at newsday.com ...
     
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  2. Katzndogz
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    Katzndogz Diamond Member

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    Today's gas prices will be considered dirt cheap.
     
  3. starcraftzzz
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    starcraftzzz Senior Member

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    Republcians care more about oil and gas companies then they do about people so it isn't happening
     
  4. Baruch Menachem
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    Baruch Menachem '

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    Define Subsidy. Usually this means they want to end depletion, which is normal depreciation as applied to asset that is natural, rather than man made.


    In this case it is a way of increasing the cost of domestic production, which means we will be getting more of our oll from overseas.
     
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  5. Lumpy 1
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    Lumpy 1 Diamond Member Supporting Member

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    Just another sign of a failed Presidency...

    Alway triangulating for re-election but never accepting responsibility.
     
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    Last edited: Mar 1, 2012
  6. Trajan
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    Trajan conscientia mille testes

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    obama would read what you said and scratch his wooden head, he has no idea what hes talking about.
     
  7. Oddball
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    Oddball BANNED Supporting Member

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    I wish someone would name these subsidies.

    In the meantime, neither the Boiking nor his socialist congressional glee club will cease pissing away zillions in ETOH subsidies.
     
  8. Oddball
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    Oddball BANNED Supporting Member

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    REPORTED! :lol:
     
  9. Stephanie
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    Stephanie Diamond Member Supporting Member

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    Don't you all LOVE how the Obama................DEMANDS...???

    and he also believes he has 5 more years...what a friggen FOOL:lol:

    Jimma Carter must be smiling thinking he will not be remembered as the biggest MISTAKE to EVER be elected to President as this country
     
    Last edited: Mar 1, 2012
  10. Old Rocks
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    Old Rocks Diamond Member

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    The price of gas is rapidly rising, even as we are exporting gasoline by the tanker load. No shortage of either petroleum or refinery capacity.

    Fossil Fuel Subsidies | The Price of Oil

    What is the U.S. government doing to end fossil fuel subsidies?
    For the last several years, President Obama has proposed eliminating $4 billion in oil and gas subsidies from the U.S. budget. While these are not all the subsidies that this mature and very profitable industry enjoys, they are some of the most obvious. But Congress hasn’t yet approved President Obama’s budget cuts.

    Fossil fuel subsidies have come up in Congress – and rightly so! – in discussions of ways to cut government expenditures in order to balance the budget. In the spring of 2011, there was a push by some legislators to remove subsidies that target only the major oil companies – in particular, the “Big Five” (BP, Exxon, Chevron, Shell, ConocoPhillips). While this would end some of the oil subsidies, it would unfortunately exclude a number of huge companies such as Valero, Koch Industries, Occidental, Anadarko, Amerada Hess, Marathon, Murphy Oil and a number of more diversified energy companies that also produce large quantities of the nation’s oil and gas.

    In the fall of 2011, there was some hope that fossil fuel subsidy reduction could be included in the Super Committee’s proposal to Congress for $1.5 trillion in deficit-reduction measures over the next ten years. There was support in Congress for this: In an October letter to the Super Committee, 36 House Democrats urged the committee to end subsidies to the fossil fuel industry that would save up to $122 billion over the next ten years.

    But in the end, it proved to be an uphill battle to get the Super Committee to take a stand on fossil fuel subsidies – and perhaps that’s not so surprising, given the influence of fossil fuel industry money on the Super Committee. Eight Super Committee members received over $300,000 in contributions from the fossil fuel industry since 1999: Senators Baucus (D-MT), Kyl (R-AZ), Portman (R-OH), and Toomey (R-PA), and Representatives Camp (R-MI), Clyburn (D-SC), Hensarling (R-TX), and Upton (R-MI).

    Is there any reason to be concerned about removing fossil fuel subsidies?
    Calls for subsidy removal tend to be answered by the oil industry and their allies with dire predictions of falling domestic production, loss of jobs, and rising gas prices. But the reality is that removing fossil fuel subsidies (which the industry deceptively calls new taxes) will have little to no impact on domestic production, jobs, or prices at the pump.

    According to the Treasury Department, removing the domestic subsidies as proposed in the President’s budget would reduce U.S. oil production less than one half of one percent, and will increase exploration and production costs less than two percent. Considering the price that the domestic industry receives for crude has more than doubled over the past several years, the industry can afford that – without laying anyone off or jacking up the price at the pump.
     

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