A brief story on Morning Edition this morning mentioned that the House just passed a bill that would take 19 billion dollars in tax breaks away from Big Oil and use that money to promote wind and solar power. It then goes on to say that Republicans opponents (which ones?) argue that taking these tax incentives away could make it harder for oil companies to compete globally. Are they serious? There are actually people who think that Big Oil deserves 19 BILLION dollars in free cash? For what, exactly? In 2006, Exxon Mobil posted the largest profits of any company in the history of the U.S. – 39.5 BILLION – and yet there’s still someone who dares to stand on the floor of the House of Representatives and state for the record that the oil industry needs tax breaks? Breaks from WHAT? FROM WHAT?
“Oh, oh, here, just take another 19 BILLION dollars. While you’re at it, could you continue to perpetuate the myth that civilization as we know it will grind to a halt if we stop burning fossil fuels? Thanks.”
Isn’t it some law of nature that a person can say something so blatantly stupid that they just burst into flames? I think there is. It just must be broken.
I’m no economist, but I’d say that they’re competing just fine without more of my money.
February 28, 2008 at 11:20 pm
See, i sort-of agree with this policy. We need to remove the tax breaks for big oil… but we need not give them to wind and solar energy producers. Once those tax incentives are off the books the alternative energy sources will be able to be competitive.
Free-markets are the solution… we shouldn’t subsidize energy sources that are more cost intensive for only marginal cuts in toxic emissions, like bio-fuels are.
-James
http://www.thepoliticus.org
February 29, 2008 at 7:58 am
Who should get the money? I’d rather see it go to renewable energy. Shouldn’t tax breaks be for smaller, struggling companies or industries? I concede your point on free markets, though. It is entirely possible that once Big Oil stops getting their performance enhancing shots of cash, their competitors will naturally have the edge, with help from changing opinions about energy.