April 28, 2011 - Did you know that the Obama Administration is subsidizing the oil industry in Brazil? Yep, that's right. This, of course, is with the full knowledge and consent of House Squeaker Nancy Pelosi.
Yet there was Pelosi this morning, giving the old Lefty line about ending subsidies to Big Oil. (Translation: American Big Oil.)
According to a report by MarketWatch today, House Dummy Leader Pelosi "used Exxon Mobil Corp.’s first-quarter profits to again call for ending subsidies to big oil companies, escalating the already-intense war of words over energy policy."
The Obama Regime, by the way, has no energy policy other than to (a) prevent American exploration and drilling for new oil, (b) promise to hunt down all the speculators who have illegally driven up fuel prices (none have been found) and (c) throw U.S. taxpayer money at Brazil's oil drilling efforts.
In part, Pelosi was inspired to spew her rant by news that Exxon Mobil said its profit rose 69% to nearly $11 billion in the first quarter. MarketWatch noted that "Pelosi, like President Barack Obama earlier in the week, said oil companies don’t deserve tax breaks and that the U.S. ought to be investing in clean energy."
Seriously, does this make sense? I agree that "clean energy" should be pursued. It's a worthy goal, but it's very long term and in the here and now we need to make full use of the energy we have at hand.
Pelosi, sticking to the Marxist line, said that U.S. taxpayers shouldn't "subsidize Big Oil’s profits.” Again, she said nothing about American taxpayers subsidizing Big Oil in Brazil.
MarketWatch also reportesd that Obama’s 2012 budget would take away tax deductions from oil and gas companies, which would "raise about $46 billion over 10 years." Let's see, that's $4.6 billion per year, or $383,333,333 per month, which breaks down to $88,461,538 per week. That's about $12,602,739 per day, which is about how much it cost for Obama to fly into Chicago to tape an Oprah show yesterday.
RELATED:
Obama Underwrites Offshore Drilling WSJ.com
