Obama Administration: US Has Overinvested In Oil, Gas

Dow Jones ^ | Septemeber 10, 2009 | DowJones

[DManA]

WASHINGTON -(Dow Jones)- The Obama administration opened a new front in its effort to impose $31.5 billion in taxes on oil and gas companies, saying that the nation puts too much emphasis on oil and gas at the expense of other industries.

The chief economist in the Obama administration's Treasury Department testified before a Senate panel that current subsidies "lead to overinvestment" in the oil and gas industry. That went beyond previous statements about the need to protect taxpayers and was the clearest signal yet that the federal government hopes to end its role in nurturing domestic oil and gas production.

[DManA]

The Saudi King himself (remember the guy Barry Husein bowed to) could not craft a US energy policy more favorable to his evil interests:

[NonValueAdded]

Let there be no mistake, these are taxes on you and me.

[Tarpon]

Somebody has over-invested in something, and it's not oil.

[ReneeLynn]

Yeah, we’ve got to spend more nurturing other countries exploration. Like...Brazil.

[SpaceBar]

Obama is setting the stage for nationalization of the petroleum industry. Maxine Waters: Oil Czar

[madison10]

Overinvested?! What? Maybe we should drill here, genius.

[Colonel_Flagg]

That went beyond previous statements about the need to protect taxpayers and was the clearest signal yet that the federal government hopes to end its role in nurturing domestic oil and gas production.

Yes. Instead we're investing in Brazil so George Soros can make (even more) money.

[Question Liberal Authority]

The Obama administration opened a new front in its effort to impose $31.5 billion in taxes on oil and gas companies, saying that the nation puts too much emphasis on oil and gas at the expense of other industries.

Maybe they should try this with the entertainment industry. Too much emphasis is placed on Hollywood movies and Rock N Roll music. Perhaps a $31 billion tax could be levied, which would encourage us all to read books and listen to Beethoven.

[Senator_Blutarski]

So this is why Wall Street turned south a few minutes ago.

Don't you love it when financial geniuses like Obama and his crew pronounce on the decisions and strategies of private industry.

[marron]

Given the choice, I’d rather elect a Brazilian to the White House than this numbskull.

[Adder]

ZERO IS AN IDIOT!!!

I cannot believe the utter ignorance that pours from the mouthes of this fool and his insane clown posse.

[mo]

These people are insane.....

[Lorianne]

The Obama administration opened a new front in its effort to impose $31.5 billion in taxes on oil and gas companies, saying that the nation puts too much emphasis on oil and gas at the expense of other industries.

I agree. We need to be putting more emphasis on nuclear power ... and fast. We need to be conserving oil and gas so we have the resources to build the next generation of power generation. (Not that I agree that more taxes are warranted on oil and gas). Our energy policy is so stupid it will go down in the annals of history as the most stupid civilization EVER.

[cripplecreek]

So how much money did we just invest in Soros Brazilian oil?

[freekitty]

Watch out. Soros owns 5 percent of Devon.

[The Comedian]

$10 Billion to Soros via drilling in Brazil

Obama's bill of impeachment is going to contain a loooong list of high crimes and virtually no misdemeanors, assuming he leaves enough of us alive long enough to draft it.

Frowning takes 68 muscles.
Smiling takes 6.
Pulling this trigger takes 2.
I'm lazy.

[DManA]

Problem with that is we have a no nuc policy also.

[WKUHilltopper]

“Obama Administration: US Has Overinvested In Oil, Gas”

Coming from someone who wouldn’t know a book on economics if it were to bite him on the @$$, I believe him..../sarc

[Lorianne]

Exactly. That’s why I say our energy policy is STUPID.

[pissant]

This f***** moron needs to go ASAP