Posted on 03/04/2009 7:19:50 PM PST by bestintxas
U.S. oil and natural gas producing companies should not receive federal subsidies in the form of tax breaks because their businesses contribute to global warming, U.S. Treasury Secretary Timothy Geithner told Congress on Wednesday.
It was one of the sharpest attacks yet on the oil and gas industry by a top Obama administration official, reinforcing the White House stance that new U.S. energy policy will focus on promoting renewable energy sources like wind and solar power and rely less on traditional fossil fuels like oil as America tackles climate change.
"We don't believe it makes sense to significantly subsidize the production and use of sources of energy (like oil and gas) that are dramatically going to add to our climate change (problem). We don't think that's good economic policy and we think changing those incentives is good for the country," Geithner told the Senate Finance Committee at a hearing on the White House's proposed budget for the 2010 spending year.
The Obama administration's budget would levy an excise tax on oil and natural gas produced in the Gulf of Mexico, raising $5.3 billion in revenue from 2011 to 2019.
(Excerpt) Read more at in.reuters.com ...
Unbelievable
This is frightening beyond anything I have seen yet. Scares me to death.
Zero and his minions are not ignorant.
They are trying to destroy America.
Drill here, drill now!
Holy s**t! THIS is our Treasury Secretary in a (democrat created) major recession?
I now agree with those who say the Obama regime in orchestrating an economic depression for purposes of disempowerment and subjegation of the American System
And if anyone knows tax breaks it is Timmy “Tax Cheat” Geithner.
This should provide confidence in the markets...
Although China is making some noise, so we may be in for some growth this week.
Isn’t this dumba$$ the same guy that couldn’t figure out Turbo Tax?
I’m sorry—when is it the business of the TREASURY SECRETARY to worry about global warming? Probably when he can’t wait to count the Cap & Trade tax revenues.
The working slaves have been keeping too much of the government’s money.
But King Obama will soon correct that.
The rise in energy prices will be the death-knell for the economy...it’ll push us over the edge. Much like the energy spike last year was a contributor to the current mess.
The days of cheap energy are over. If we are to survive, we must begin energy security projects now.
Does this man not know that there are 39 oil produceing states with millions of employee’s directly or indirectly related to oil. We have entire towns all over the US that would not exist if not for oil. Thousands of schools all over the US depend on the the revenue from oil. Piss us off bad enough and It’s as simple as shuting off a valve and we’re already pissed!!!
Time to buy ETF in oil. Reason, US policies of today killing expansion of production will create oil shortages of tommorrow. Buy some oil via ETF when it is cheap, sock it away and after five years or more, they will explode in value. Even when the recession/depression recovers mildly, the demand will drain the available oil supply faster than the producers can bring the fields back in action.
Imagine what would happen if the US, all of a sudden had to come up with another seven million barrels a day?
Dude just needs to pay his taxes. I mean, the guy is the proverbial head of the IRS and yet he doesn’t pay taxes?
These guys are not idiots. They know exactly what they are doing.
all the wells in the gulf shutting down, every worker laid off.
bye bye all the jobs, we are going to import oil and gas not subject to the taxes.
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