“Blah, blah, blah.” Is this the best President Obama can do for an energy policy? Our “forward-thinking” president continues to slam on the brakes to economic growth when he calls for ending subsidies to the oil industry.
Yes, Mr. President, let’s tax the industry pumping $86 million from oil and gas every day – far more than from any other business. And especially in this day of economy of anemic job growth and record deficits. Is this the promise of hope or the reality of hopelessness?
And not paying their “fair share”? The oil and gas industry pays close to dollar to dollar to the coffers in Washington. Look at ExxonMobil: in the five years prior to 2010 it paid almost $59 billion in taxes while earning $40.5 billion here in the United States. Do the math: from 2006 to 2010 Exxon paid $1.45 in taxes to every dollar it earned. This isn’t enough?
I am standing up today to say “enough.” We need a policy that acknowledges the realities of today’s business climate and does not squelch the lifeblood of the U.S. economic engine. Americans need jobs and a strong energy policy that will carry us forward and not leave us behind.
Justin S. Brownwell