Posted on 03/05/2009 5:53:37 AM PST by texrepub76
WASHINGTON, March 4 (Reuters) - 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 ...
no single industry should be subsidized or given preference anyway, they should be taxed the same
This is the jackass that was too big to fail? Good Lord, give me a break!
But Nancy tells me that "natural gas is a clean, cheap alternative to fossil fuels."
http://www.msnbc.msn.com/id/26377338/page/3/
And driving a car is a good alternative to driving an automobile...
No business should pay any tax.
Do you think the American people will ever realize what they’ve done? Just for the record, we in Oklahoma wanted no part in this administration and want no part in what’s going to happen to this country.
DOW Futures down about 116.
Thanks Turbo Timmmy.
So I need to make sure I understand this correctly, they are going repeal a Bush tax cut on gasoline, raise taxes on oil (DOMESTIC OIL NO LESS)...And we thought last summers gas prices were high? So lets do the math, Bams’ administration is giving me a whole whopping $13 extra dollars a week, but is going to send gas prices to record highs again. So if gas goes to just $3/gallon (a $1/gallon increase)again and I use 20 gallons a week, I will now be paying $60/ week for what previously cost me $40/ week. So with my tax cut of $13 subtracted from my weekly gas bill increase of $20 I just netted myself a $7 loss for the week or $28 for the month...Thanks Bams!! You really are looking out for the middle class!
PLEASE WAKE UP AMERICA!!!!!!!!
No business does pay any tax. Their customers (you and me) pay it.
Should not not be taxed at all.
Trust me - there are plenty of us in Texas that applaud Oklahoma’s efforts to enforce their rights under the Tenth Amendment. Keep up the fight!
“STUCK ON STUPID”
Everytime Geithner opens his mouth the market goes down. I guess yesterdays little uptic worried someone that things might actually be starting to turn around. Enough with the ‘tea parties’ and other posturing. The American people have got get these commie SOBs out of office NOW!
No Bob, businesses are subject to market forces, and have to compete with other businesses to stay in business and PAY TAXES! Your view may work at DU, but it don’t work here.
The scary thing is that this Geithner moron was on the New York fed before Obama hired him....
Globalism is liberalism without the scrotum to admit it...
What an idiot!
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