Pres. Obama Rips Into the Oil and Gas Industry About Tax Breaks
Matt | On 29, Mar 2012
Today at the White House, President Obama made his case for American consumers who have continually been gang-raped by oil companies at the nation’s gas pumps.
In short, the president doesn’t see why the oil and gas industry continues to receive public tax breaks while they rake in more money than they can count.
In regards to oil companies, President Obama said this:
“The oil industry is doing just fine. With record profits and rising production, I’m not worried about the big oil companies. With high oil prices, they’ve got more than enough incentive to produce more. I think it’s time they got by without more help from taxpayers who are having a tough enough time paying their bills and filling up their tanks,” the president said on Thursday. [SOURCE]
Not only do the tax breaks take money from consumers, they also put a strain on the development of alternative sources of energy.
If you don’t believe we need other sources of energy, then bask in the $3.92/gal national average for gasoline on March 29.
I don’t think too many of us understand how companies can pull in record 10-figure profits in one quarter and still need government assistance. Meanwhile back at the ranch, they vilify poor families who need help to feed children.
ANSWER IN THE COMMENTS SECTION BELOW:
What do you think of the government tax breaks that oil companies receive?