President Obama: Tell Congress to stop $4B 'giveaway' to oil companies

[cal04]

Source: The Hill

President Obama called on Congress Saturday to stop using federal dollars to subsidize the oil industry and put an end to a so-called "taxpayer giveaway."

Saying that every year $4 billion in taxpayer money goes to subsidizing the oil industry, Obama urged lawmakers to put an end to corporate welfare.

"I don't think oil companies need more corporate welfare," Obama said in his weekly address. "Congress should end this taxpayer giveaway."

(snip)
"We can't just drill our way out of this problem," Obama said. "While we consume 20 percent of the world's oil, we only have 2 percent of the world's oil reserves."

Read more: http://thehill.com/video/administration/213937-obama-tell-congress-to-stop-taxpayer-giveaway-to-oil-companies

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http://www.whitehouse.gov/the-press-office/2012/03/03/weekly-address-taking-control-our-energy-future

WEEKLY ADDRESS: Taking Control of Our Energy Future
(snip)
Here’s one we can make right now. Every year, $4 billion of your tax dollars go to subsidizing the oil industry. These are the same companies making record profits – tens of billions of dollars a year. I don’t think oil companies need more corporate welfare. Congress should end this taxpayer giveaway. If you agree with me, I’m asking you to e-mail, call, or Tweet your representative. Tell them to stop fighting for oil companies. Tell them to start fighting for working families. Tell them to fight for the clean energy future that’s within our reach. Because the sooner we all get started, the sooner we’ll get there together. Thanks and have a great weekend.

[sofa king]

1. Still the smartest guy in the room.

"We don't have any control over oil prices," they say.

But threaten a line of profit guaranteed and underwritten by the federal government, and... well we're going to see just what happens.

I'm going to wager that prices at the pump will fall, to the mystification of economists. Because economists routinely fail to take into account the criminal under-the-table manipulations that actually control the markets.

[FailureToCommunicate]

2. Rachel Maddow had the figure at about $.50 per dollar (!!) is speculator (Wall Street)

driven cost inflation...

[FailureToCommunicate]

3. "(Obama) asked Americans to "email, call or tweet" their

representatives to tell them "to stop fighting for oil companies" and "to start fighting for working families."

[veganlush]

9. absolutely

the sad thing is, most people, even supporters, won't take a minute to do it.

[BlancheSplanchnik]

4. Giant Kick and Rec!!

This is what a President standing up for people looks like.

Quite a difference between "We can't just drill our way out of this problem," Obama said. "While we consume 20 percent of the world's oil, we only have 2 percent of the world's oil reserves." and the repuke consensus that we deserve their oil (as well as destroy every coast and wildland we have left here)


I hope this gets its head above water, amidst all the other distraction.

[Frances]

5. I think that Obama is correct

to go on the attack.

[sarcasmo]

6. Nice to have President who will stand up to the oil corporations.

[webDude]

10. ?! Can you tell an election's coming up?

[Faygo Kid]

7. The Repugs will never cut corporate welfare

Social Security, Medicaid and Medicare, of course.

Billions to the oil industry? They'll never cut it.

[Thinkingabout]

8. For those who do not like paying taxes and against welfare where are you now?

Have the oil companies save the money they use to buy off everyone and they will not need the corporate welfare they get every year.

[donnasgirl]

11. Tired of the greed

The truth is that domestic oil prices are rising because of speculators who are betting that Israel will bomb Iran and Iran will blockade the shipment of Middle East oil. Domestic oil production has risen nearly 8 times over it’s 2008 levels and the natural gas industry has exploded to the point that producers are suggesting exporting natural gas. Domestic oil producers refineries are even exporting gasoline and fuel oil just to keep the price up. This is supported by a recent report by the Association of Petroleum Refiners that the U.S. consumption of gasoline and related products have dropped to the point of causing excess supply and exporting fuel is an alternative to closing refineries to reduce supply in order to bolster profit above cost.
It is time for our politicians to wake up and do something about speculators.