We have had high gasoline prices in the past, but not with the concurrent flurry of exploration and drilling activity that we see today. New technologies and innovations have spurred the Bakken and Marecllus plays in particular, and to a lesser extent dozens of other projects across the country.
Industry is spending hard dollars on manpower and materials, employing tens of thousands of otherwise unemployed people, and increasing domestic supplies of gas and liquids. Why do you think North Dakota's unemployment is at a measley 3%?
Obama's response? Pull over $40 billion dollars from the people who are keeping his sad-ass economy from collapse. It's the way of the Liberal- punish success, reward lathargy.
Obama budget eliminates $40 billion in oil tax breaks
The Obama administration's fiscal 2013 budget proposal strips away nearly $40 billion in tax breaks for oil and natural gas companies, saying the incentives cost taxpayers too much money and do little to spur energy development, a report said.
Obama budget eliminates $40 billion in oil tax breaks