Pro-Communist Democrats
Posted at 12:47pm on Mar. 3, 2008 If you're in the oil business and your name isn't Hugo Chavez, then the Democrat Congress just raised your taxes...
...and encouraged more "outsourcing," to boot. Well done, all.
By Jeff Emanuel
At the end of last week, the House passed an energy bill that stripped $18 billion in tax credits for research and exploration from five “major integrated oil companies” (Exxon, Chevron, BP, Shell and ConocoPhillips).
Believe it or not, that’s the good news.
Given that, I’ll bet you’re wondering what the bad news must be. Well, it’s simply this: Citgo, which receives all of its oil from Venezuela’s state oil firm and its dictatorial leader, Hugo Chavez, was exempted from the tax hike. Under HR 5351, Citgo gets to keep the 6% tax deduction for domestic manufacturing that its fellow Big Oils lose because – get this -- it doesn't drill for its own oil, and it gets its oil from outside the United States.
Economically speaking, this bill will – as any high school Economics student (well, at a private school, anyway) could tell you – have an expressly negative effect on America’s fuel industry – and on its economy as a whole. In the war to “end America’s dependence on foreign oil” that the Democrats continually claim to be fighting, they’ve given some major points to the other side here.
Follow me below the fold, if you will.
Posted in Backfiring Democrat legislation | Economics | Energy | Paying at the Pump | Pro-Communist Democrats — Comments (20)/ Email this page » / Read More »
