An Ol' Broad's Ramblings
Senate Democrats have finally smelled the coffee. The recent announcement that they will scrap the energy bill that was clogging up the end of this summer’s congressional session was a breath of clean air for all of us.
Much has been made of the ‘lame duck session’ that the majority of us is hoping will be coming this November. The problem with such a session is that I’ve no doubt that the Democrats will take full advantage while they still have the majority in both Houses of Congress to push through their agenda. What is their agenda? It appears to be the mass destruction of the economy. This bill may have been put aside for the moment, but will the Democrats honor the wishes of Americans, and NOT force feed the people anymore such bills before Congress changes hands?
Environmentalists may bemoan the step but, in this case, lawmakers demonstrated their ability to see the big picture and abandon what was a poorly timed and misguided energy bill. With unemployment still over 9 percent and families hurting from the long recession, the focus needs to be on jobs and economic development — not a new tax plan for carbon emissions.
Personally, I happen to like the environment. That said, I do not believe a mosquito, or fruit fly, or tiny fish has priority over the human race, and our ability to grow economically, and feed our nation. There is preserving a safe environment, then there is pushing an anti human agenda. The crap and tax….er….Cap and Trade is nothing more than a scheme to destroy jobs and make those who push it, rich…or, as the case may be….richer! (I thought libs hated the wealthy? Oh yeah…only the wealthy that create jobs, not the ones who destroy them. Oooops!)
Unfortunately, the smell of coffee is not permeating the halls of the White House. President Obama is insisting on changing the tax laws so the IRS can collect double the income tax on energy producers. His budget plan, if approved, would essentially give foreign oil and natural gas companies – like BP – an advantage over domestic companies because they would pay less in income taxes. The administration is pushing to remove what’s known as the dual capacity energy tax – a section of the federal tax code that allows companies to deduct the income tax they pay to foreign countries when conducting business there. If the president has his way, oil companies would pay income tax to both the foreign entity and to Uncle Sam.
I grew up believing that double taxation was illegal. Of course, that hasn’t stopped the Federal Government. Doesn’t allowing tax breaks for foreign oil companies seem a bit counter productive? A LOT of products are made from oil. I wonder if Mr Obama is aware: One 42-gallon barrel of oil creates 19.4 gallons of gasoline.
More than half of that barrel is used to make items like:
And let’s not forget all the items used in the medical field, like:
Try to think of how many items are made from plastic. You do know that plastic comes from oil, right? If the administration wants to punish U.S. oil companies with ever increasing taxes, can you imagine just how much the cost of EVERYTHING is going to rise? From your kids toys, to the I.V. bag used to hopefully save your life…..EVERY SINGLE ITEM! Is there anything we use that doesn’t have some connection to oil?
Many people think that America’s largest oil and natural gas companies hold considerable sway in the global energy industry. But, that’s not the case at all. Compared to their foreign competitors, our “big three” rank 17th, 21st and 23rd worldwide. And, many of the most powerful and influential oil companies are state owned — adding to their market strength. Altering the tax laws to give these companies a market advantage means America will be forced to purchase more oil from unfriendly governments in order to ensure Americans have access to affordable supplies.
Serious question: When did Americans turn their future over to foreigners? Many American jobs are related to the oil industry, not just in the Gulf region, but all across the country.
The environmental lobby reminds us that we need greater investment into renewable energy sources. That is true. But what is often overlooked is that oil and gas companies are making significant investment in that area as well. For renewable energy to really begin making a difference, more money needs to be allocated to research and development. Our nation’s energy needs are growing. By the year 2035, experts believe that energy usage will grow by 14 percent over current figures. Keeping the power flowing is the responsibility of our energy sector. It is not reasonable to demand they increase output, increase investment in research and development and keep energy prices affordable while also demanding they double-down on their income tax payments.
How will American oil companies be able to invest in renewable energies if the administration wants to destroy them in the meantime?
Can someone please turn on the coffee maker at the White House?
And while you’re at it, remind him that the coffee maker is ALSO made from oil products!