Thursday, February 3, 2011

President Obama Fights Big Oil and Gas Companies with Republican Opposition

Good news about President Barack Obama! He is trying to repeal $36.5 billion a year in oil and gas company subsidies tax break. It's a tremendous amount of money; and that oil companies don't need it at all. Oil industry is the most profitable industry in the world - it's a fact.

You the taxpayer is giving away $36.5B a year to oil companies. You work hard to earn that money. When you pay taxes, you assume the government would put it into good use. But giving large portion of your money to oil and gas companies, people who don't need them, is a wasteful and immoral. In fact ExxonMobil is the most profitable company in the world. They make billions every year.

President Obama has tired to repeal this in two previous years, but he wasn't successful primarily because of the Republican brick-wall.

Fact of the matter is oil and gas companies spend millions and millions of campaign contributions to the republicans. They buy lawmakers, so they can bend the law in a way that is profitable to them, not you. You send lawmakers to Washington to sever you, not the big oil and gas companies!

If you voted for republican in 2010, you should be ashamed of yourself. It's absolutely indefinable if you are a conservative.

To give credit to the President, he has also proposed funding for clean energy initiatives. But the size and scope of the funding is mismatched to the 36.$5 billion dollar oil subsidies. Investing in clean energies account for less than half a billion dollars, 70 times less than the oil and gas tax breaks!

Even so, these renewable energy subsidies are less likely to pass than maintaining the oil and gas subsidies. You should be outraged of this story regardless of your political views. On this issue, you have to support the President. Urge your representative, tell them to stop giving out money to big oil and gas.
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