Yes, speed up recession.
Increasing the cost of oil development in the US. Gets paid two ways; by the customer at the pump, and by shifting new oil development away from US oil fields.
The oil companies will make their money whatever happens. The question is, do you want them to make it in the US, putting Americans to work and paying into US tax bases, or do you want them to focus their investments outside the US, putting some other country's people to work and paying taxes and royalties into their treasury?
The US is bankrupt, so lets push our biggest source of investment and employment out, and lets buy more OPEC oil. Good plan.
Electric vehicles are another energy boondoggle. EV supporters are either blind to the drawbacks or on the take for government subsidies.
Never ascribe to stupidity or naivete that which can be attributed to malice.
Our own government is our worst enemy.
Drive up those gas prices.
It seems every “cut” BHO proposed will be offset by a “investment,” AKA government subsidy to prop up some feel good idea, like the electric car.
Gas is already over $3 a gallon, just watch it go over $5 or more if this crap passes. I also don’t want to drive a damn electric car!
Democrats know how to do two things, Raise Taxes and Cut Defense. No surprises here.
I’m calling for a clean White House in 2013
This attack will not stop until this treasonous ba*tard is removed.
So much for Obama’s “move to the middle.”
Hmm, well, I have to say clean energy is a great idea! So why aren’t they approving more nuclear power plants?
Also remind the people how Obama likes to kill and eat children.
Or, in everyday speech, Obama calls for oil tax increases.
How stupid does this man think that we are? Thanks to the printing of money, gas prices at the pump are at an unprecedented high and likely to go up.
Then Mr. President wants to increase taxes on oil companies. Does he know what that does to the consumer at the gas station? Does he think that the oil companies will absorb the additional costs in taxes and take the increased cost out of their profits? This has never happened; profit margins are typically at 3%; no slack there.
Does he know what the increase of transportation costs will do to the economy?
Maybe $5/gallon is too low to satisfy the administration's lust to punish the citizens of the USA. Maybe they want to price of gas to go to $20/gallon.
Thanks for posting.
So, let’s connect some dots on potential scenarios:
1) Zero’s previous proposals have targeted removal of IDC credits (intangible drilling costs). This makes every well in the USA 30% less attractive in the first 3 years ... 3% less attractive over 10 years. It will have a massive impact on startup E&P companies, midsized exploration companies. Wells that are optional, based on the IRR, will be deferred until the oil and gas prices rise enough to get you past the IRR hurdle rate.
Source http://www.texasalliance.org/admin/assets/Tax_provisions_in_Obama_budget.pdf
Net on #1 => a lot less oil and gas will be drilled and produced in the US; we will import more from unstable countries who hate us.
2) Gasoline prices in Feb 2011 are the highest on record while oil is relatively flat and natural gas is declining. This does not bode well for the upcoming summer driving season. Any interruption in one of the seven critical “choke point” shipping channels could cause a severe price spike.
Sources http://www.businessinsider.com/oil-chokepoints-suez-canal-2011-1# and http://www.businessinsider.com/gas-pump-prices-have-hit-their-highest-level-ever-for-mid-february-2011-2
Net on #2 => national security issue and economic collapse issue; the US should be drilling for all it can and looking to be as self-sustaining as possible. We only keep roughly 20 days supply on hand in case oil imports are curtailed ... and the common man won’t see one drop of that.
This would be the perfect time to increase the cost of energy.
The cost of living is much too low to please the ‘won’.
We must sacrifice even more to keep the price of arugula at a more reasonable level.
He is out to destroy our existing sources of energy and replace them with non existant sources.
The end result will be lots of people losing their jobs, energy costs riduculously high and productivity lowered.
It is intentional destruction.
Obama’s estimate of saving $1.1 Trillion is total bunk. This is the guy who told us Obamacare would cut the deficit. The guy who told us that the stimulus would create 3 million new jobs and keep unemployment below 8%. This guy just lies and lies. And the media eats it up with no fact checking.
Attention Republicans: Gas prices are at an ALL TIME HIGH for the month of February.
Who the HELL is running your PR operation? How about getting your team out front and blasting this brain-dead economic communist for his sky-rocketing energy costs and his plans to INCREASE THEM FURTHER?!
Ya know, if Bush were in the White House, that cretin Nazi Pelozi would have already been on three networks and holding a news conference about the high price of gasoline.