Big oil CEOs testified before Congress today. They say that if Congress takes away their sweet tax breaks, it will be a "tax increase." They said, "A tax increase now will make pump prices higher," but nobody said anything about raising taxes on them. They are just talking about ending tax breaks that were designed to help them when oil was $25 a barrel and they could not develop new sources profitably.
Taxpayers helped big oil through rough times, and now big oil wants taxpayers to help them through the boom times. Amazing. Talk about big balls. You make 40-billion dollars in profit, and expect taxpayers to support your profits with corporate welfare, on top of paying through the nose for gasoline.
Of course, key Republicans in the hearing said that the oil companies need more tax breaks, and we need to open every square foot of America to drilling. Obviously they did not get the memo that there is not enough oil in the US to meet our ever-growing demand for the stuff. But, it stalls any real progress for long enough for the oil companies to turn in several more years of record profits.
Republicans also (once again) snookered the oh so willing to cave-in Dems into a "bi-partisan" deal to bail out banks and builders in the mortgage crisis. A deal that eliminates any kind of help for consumers who are going to lose their homes to foreclosure.
Once again, government is taking care of the wealthy first, in hopes that the wealthy will take care of the rest through "trickle-down" economics.
Okay, I feel better -- rant done.
Now, I have to write a review of the SL63 AMG, a $160,000 car that gets God knows how little mileage. Maybe I need to trash it. It's evil, but damn, it was fun to drive. What to do, what to do?
CD
