Just for Fun, May 2011 Projections for 2012 Prez & Senate | Main | The Strange Death of Liberal England [Truman North]
May 01, 2011

President Underpants Gnome's Plan To Profit From Big Oil

Dave in Texas had a great post yesterday on oil company tax breaks. His big-picture point was that any time you hear "subsidies for big oil", the person emitting this bilge is a demagogue playing populist to make you think he's "doing something" about high gas prices.

Now there are some industry-specific things like depletion allowances that only apply to companies engaged in mining or oil and gas extraction, but the tax code is full of things that only apply to individual industries (e.g., Big Oil probably doesn't make much use of the depreciation schedules for the motion picture industry). By and large, oil companies mainly take the same deductions and credits as most businesses, provisions that were enacted by congress over many years of tinkering with the code, yet somehow all these get turned into nefarious "subsidies" when there's political hay to be made.

Dave also suggested that if your congresscritter utters this phrase you should ask him to name just one subsidy. I agree. And if he's feeling sporty after that, you should follow up by asking him how raising taxes on oil companies (which is what they really mean) lowers prices at the pump. Their thinking apparently follows this model:

1. Raise taxes on "Big Oil"
2. ???
3. Profit!

Notice that if you substitute "millionaires and billionaires" for "Big Oil", this starts to sound an awful lot like Obama's plan to have a plan to deal with the deficit.

My take on this is very simple. The left loves any excuse it can find to raise taxes. Period. If it can do it on the back of teh eeevilll fat-cat millionaires and billionaires or Gaia-raping oil companies, so much the better.

If the Obama administration really wanted to lower gas prices, they'd address their ongoing permitorium in the Gulf of Mexico and rein in their stupid EPA that's preventing Shell from drilling because of handwringing about the "greenhouse gas" emissions from a friggin' icebreaker.

Larry Kudlow had a good piece on this earlier this week (suffer through the ad, it's worth it). Pay attention to a couple of things when the Natural Resources Defense Council spokestool is talking. First, he sounds amazingly like Obama - is it possible that our President is just doing the bidding of the Greens and isn't really interested in sound energy policy? Nahhhh ... couldn't be - that's just crazy talk, I know. Also, notice how the NRDC guy flat-out lies about that Shell icebreaker. Again, he reminds me of Obama.

Remember what Obama told Charlie Gibson. He's all for raising taxes to be "fair", even if they don't raise revenue. Couple that with his watermelon views on energy (green on the outside, red on the inside) and you'd expect he'd be o.k. with prices necessarily skyrocketing.

Oh, and if you didn't get a chance to read Dave's post yet, make sure you do. If there's one thing Dave knows about, it's gas.

digg this
posted by Andy at 07:05 PM

| Access Comments

Recent Comments
Enquiring Minds Want to Know: "You should give the Canadians a heads-up about the ..."

Tiny Kitten Climbing Stairs From That Old Thread: "For all intents and purposes you and squirrely dan ..."

Gem: "That black squirrel is so pretty compared to our b ..."

hogmartin: "[i]One dead. Here,s the link: Wlwt.com Posted ..."

Enquiring Minds Want to Know: "Posted by: not so at January 25, 2020 02:41 PM (HA ..."

IrishEi on tablet: "Car crossed over to wrong side of road and hit Cov ..."

Cicero Kaboom! Kid,: "The awesome thing about it was it tasted like a ha ..."

JQ: "Kallisto, my hoya was a gift also! Just a cutting, ..."

Mike Hammer, etc., etc.: " Unserious? If it was anything it was super serio ..."

Insomniac - Ex Cineribus Resurgo: "*putters* ..."

Kindltot: "I gave up canning whole or diced tomatoes.  M ..."

Mrs. Leggy: "I don't see any holes Posted by: JT at January 25 ..."

Recent Entries

Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64