Saturday, March 3, 2012

Obama's Plan To Lower Gas Prices: Raise Taxes

(Sweetness And Light) With his re-election fate increasingly tied to the price Americans are paying at the gas pump, President Obama asked Congress on Thursday to end $4 billion in subsidies for oil and gas companies and vowed to tackle the country’s long-term energy issues while shunning “phony election-year promises about lower gas prices.”

As we have pointed out before, there are no oil and gas subsidies. They pay the same tax rate that every manufacturer pays when their product is depleted by producing it. In reality, Mr. Obama is calling for a $4 billion dollar tax increase on oil and gas, which we will have to pay at the pump and in every purchase we make since everything gets transported by oil burning vehicles. ...

Mr. Obama might not be wearing a cardigan, but instead of telling us to turn down our thermostats he is telling us to go buy a $40,000 Chevy Volt. And, unlike Carter, Obama is trying to raise the price of gas even further by increasing the taxes on it. Is that supposed to be an improvement?

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Posted By: Chris Carmouche