Pressure Builds to End $4 Billion in Taxpayer Subsidies for Oil Companies
President Obama calls for an end to $4 billion in taxpayer subsidies for oil companiesIn these days of federal budget-cutting (and high gas prices), it was only a matter of time before subsidies for oil companies came under closer scrutiny. That moment has come. Chatter has been building for a few weeks and things came to a head this past Saturday, when President Obama used his weekly address to make the case for putting an end to the $4 billion that U.S. taxpayers contribute to the oil industry. However, it’s important to note that President Obama did not present the issue as a savings of $4 billion to trim the deficit. Instead, it’s $4 billion that could be better invested in clean, renewable energy.
The Problem with Profitable Oil Companies
President Obama made it clear that he has no problem with profitability. After all, profitability clears the way for future investments — but that is precisely the problem when it comes to the U.S. oil industry. Aside from significant environmental and public health issues, the continued development of oil resources has become a national defense liability. Transitioning out of petroleum fuels – both foreign and domestic – has become a top priority for the Department of Defense. In the context of national security, taxpayer support for the oil industry is alarmingly counterproductive. Conversely, investment in clean energy is a national security investment, just as taxpayers support weapons programs, training, emergency preparedness and other needs related to national defense and public safety.
Post continues: http://www.triplepundit.com/2011/05/pressure-builds-4-billion-taxpayer-subsidies-oil-companies/
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