Romney's top energy adviser: subsidize Big Oil

[babylonsister]

Oh, brother.

http://maddowblog.msnbc.msn.com/_news/2012/06/12/12187526-romneys-top-energy-adviser-subsidize-big-oil?lite

Romney's top energy adviser: subsidize Big Oil
By Steve Benen
-
Tue Jun 12, 2012 1:54 PM EDT


We talked last week about Harold Hamm, one of the planet's wealthiest billionaires, who was named Mitt Romney's top adviser on energy policy right around the time he contributed nearly $1 million to Romney's super PAC.

Today, the conservative oilman was on Capitol Hill, making the case for -- what else? -- tax subsidies for oil companies.

The U.S. must retain tax breaks that help independent oil and gas producers, said Harold Hamm, chairman and chief executive officer of Continental Resources Inc.

Companies should continue to be able to expense intangible drilling costs rather than deduct them over time, said Hamm, who also is an energy adviser to Republican presidential candidate Mitt Romney.

Sure, we could let the free market operate on its own, but Hamm -- who said he was speaking today in a personal capacity -- prefers a system in which taxpayers offer breaks to oil companies, giving them an edge other companies in other American industries don't enjoy.

Romney, who's convinced President Obama opposes the principles of free enterprise, made Hamm the chairman of his "Energy Policy Advisory Group," putting Hamm in a position to shape a new "pro-jobs, pro-market, pro-American" energy agenda, which Romney would presumably pursue if elected.

[tularetom]

1. Umm, I think we already do that

[Dawson Leery]

2. This must be the "free market" the rightists always talk about.

[SoutherDem]

5. Yeah I guess that is what they call it.

If profits were down, then maybe. But, with the profits the oil industry makes Hell no.

[madinmaryland]

3. Aren't these the same guys that have profits of well over $100billion/year?

And he wants to make their profits even larger??

[Old and In the Way]

4. Of course he does.

Why? Because the costs to find and extract viable sources of oil are going up at a rate where they want the consumer to pay for the costs. Of course, that will artificially make alternative energy sources less competitive....and keep us dependent on oil. We'll pay at the pump and with our tax dollars. But that's not a problem for the Big Oil Party.

[SoutherDem]

6. I am a little slow, so help me out

Tax breaks for an oil company making billions in profit ok.
Tax breaks for sustainable energy bad.

Is that what he is saying?