ABCNews is reporting:
A last minute entreaty by President Obama wasn’t enough to convince senators to strip the oil and gas industry of billions in tax incentives. [All industrial companies have same tax incentives; not just oil and gas.]
The president said today that Americans are getting fleeced by an oil industry awash in profits [compare the margin XOM receives on a gallon of gasoline vs margin AAPL gets for its productts] – pinched at the pump by rising prices and forking over billions in taxpayer cash and he put his weight behind a senate bill that would repeal the tax incentives. [Price at the pump would simply go up more, for several reasons.]
“Think about that. It’s like hitting the American people twice,” Obama said in a Rose Garden press conference, just before senators considered a bill that would roll back many such tax incentives for oil companies. [If one is concerned about getting sucker punched, look at ObamaCare.]
“They can either vote to spend billions of dollars more in oil subsidies that keep us trapped in the past. Or they can vote to end these taxpayer subsidies that aren’t needed to boost oil production so that we can invest in the future,” Obama said. “It’s that simple.” [His answers are always simple. And wrong.]
Less than an hour later, Republican senators were joined by a handful of Democrats in the senate to reject a bill that would do just that. They argue it would raise gas prices even more. The “Repeal Big Oil Tax Subsidies” bill failed to advance by a vote of 51-47. It needed 60 votes to overcome a procedural hurdle. [I believe there are 45 Republicans. Something tells me that if push came to shove, more votes could have been found to kill this bill.]And then, I suppose, he went golfing.
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