Barack Obama said a few things that seemed a bit strange this weekend. At first glance, the statements seem backwards and upside-down. Barack Obama had some unique insight into lowering gasoline cost. However, in the proper context, they make perfect sense. It’s April Fool’s Day!
Alright, the President addressed the media from the rose garden and expressed his concern for the American people and the double whammy they are experiencing – pain at the pump and the pain of sending billions of dollars in tax subsidies to the oil companies. Obama wants Americans to buy into his philosophy – oil companies are screwing us, it’s time we start screwing them back. Obama said “Members of Congress have a simple choice to make. They can stand with the big oil companies, or they can stand with the American people.”
So how does Congress stand up for the American people? Barack tells us that “on top of these record profits, oil companies are also getting billions a year, billions a year in taxpayer subsidy.” So, are we paying these oil companies? Of course not, what the President meant to say is that oil companies file taxes like every other business and individual does. They are getting deductions, NOT money. The President does not think it is fair that big oil only pays 40% of their profits to the U.S. government. Barack wants to tax oil companies more that 40 cents on every dollar they make and then “we should use that money to double down on investments in clean energy technology that has never been more promising. “
First, what clause in the Constitution gives the government the right to gamble (double-down) with tax-payer money? Second, since when did going out of business equate with being promising? In case you forgot how promising these clean energy technology have been, CBS News reported that Obama “invested” $6.5 billion dollars in 12 green energy companies now facing financial hardship. The following companies have filed for bankruptcy:
- Solyndra: $535 million in federal money and has filed for chapter 11 bankruptcy.
- Beacon Power of Massachusetts: $43 million in federal and $5 million in state funds.
- Evergreen Solar of Massachusetts: $31 million in state aid with an unknown amount of federal money, but the company is $485.6 million in debt.
- SpectraWatt of New York State: $500,000 dollars of federal money.
- Eastern Energy of New York State: $17.1 million from the federal government.
- Ener1 of Indiana: $118.5 million in federal dollars.
President Barack Obama wants Americans to believe that to lower gas prices, we need to raise taxes on oil producers. Obviously, raising the cost incurred by oil companies will only cause consumer cost at the pump to go up as well. Unless Jay Carney laughs off Obama’s energy stance as an April Fool’s Day joke at his Monday press conference, this is exactly what the Administration thinks. The government knows what is best for all of us. They deeply desire green energy and the only way for these technologies to become “promising” is to make them so by skyrocket the cost of all competitors.
