[ozzymandus]

Not really. Those tax breaks were incentives to drill for oil here in the US instead of importing it. It's a lot cheaper to simply buy oil overseas and add a markup than to actually go out and drill for it.

[endthematrix]

It's a lot cheaper...and less risky!

I'll take my $100 check with pleasure.

[windchime]

'Six in '06' was the basis for the dem campaign.   'Big oil' was one of the six big targets, but Pelosi still hasn't decided which of the subsidies should be eliminated.

Some of the incentives provided for additions to refining capacity and for clean up in the event of spills.   Some were provided under the 'American Jobs Creation Act'.   Most of the energy tax breaks from the '2005 Energy Policy Act' went to nuclear, clean coal, wind, ethanol  and other alternative energy sources instead of oil and gas.

The Clinton administration mistake that failed to include a trigger to eliminate tax breaks for Gulf of Mexico drilling if oil prices rose could provide the biggest savings.   

 

[Caipirabob]

It's amazing how this nation creates such barriers to corporations who want to develop such required resources internally. Between NIMBY and the Federal Government, the restrictions on free enterprise are stifling. No wonder we are forced to import rather than develop these resources domestically.

[RushLake]

OK, so they're ending the subsidy to drill for oil here, which they don't allow the oil companies to do anyway. And its cheaper to get oil from overseas. So this is a relatively meaningless subsidy if I understand it correctly. But they're gonna cut and run which has the potential to surrender a lot of the world's "cheaper" oil supply to the terrorist filth who hate us. And the filth are not going to squeeze us by raising oil prices-just kill us all in our own beds? But if the filth do raise oil prices, our choices are to pay the price, or perhaps grind our economy to a halt, or grind our economy to a halt if we do pay the price.

I guess I will be able to take some solace in all of this while I'm rubbing my democrat acquaintence's noses in s#it when they can't afford $6.00 or so for a gallon gas. "Hey, you guys are in charge, how come we're paying so much for gas now?"