Can't they find a better use for our $18B?
I nearly swallowed my tongue when I heard it. During a news brief on National Public Radio Monday the commentator was talking about a bill in Congress to provide incentives to study environmentally-friendly forms of energy and to encourage citizens to become more energy efficient. However, in order to do this, Congress would have to repeal $18 billion in tax breaks for oil companies.
An opponent of the measure said that if the tax breaks for oil companies are repealed then fuel prices might go up. It's a good thing I was in the Lenoir Crossing parking lot rather than on U.S. 321 because at this point my hands were far from “10 and 2.” They were flailing violently as I yelled at my radio.
Forget all of the other reasons that this may be the perfect example of backward thinking, self-serving government. The simple fact that a program encouraging people to be more responsible with the earth's natural resources as opposed to continuing to use them up, is absolutely asinine. I can't believe that it's even up for debate.
It's no wonder that some foreigners burn our Stars and Stripes in the streets and that cave-dwelling terrorists want to kill our women and children. At one time we were proud that the United States was the world's largest consumer of energy. It's now a badge of shame, in my opinion. Not because our wonderful country doesn't deserve the resources or all the luxuries we have, but because we have the technology and ability to do so much better, yet we don't. Maybe we don't deserve it since, as a country, we fail to appreciate it.
Next - why in the world are we giving oil companies tax breaks? There are a thousand reasons why we shouldn't, and probably a thousand other industries and businesses would benefit the United States so much more if they were to receive the subsidies. Supporters of the bill want the tax dollars to go to investment in wind, solar, biomass and geothermal energy development, while extending many of the tax credits for these industries that have ended or are scheduled to expire at the end of this year. It also would provide tax breaks for energy conservation programs, including a $300 credit for people making their homes more energy efficient.
When Exxon-Mobil and other major oil companies announced their earnings recently, the results again set new records ($123 billion in 12 months). Why in the world would we give incentives to an industry that is enjoying all-time record profits? Think about it, without taxpayers' $18 billion, their profits would have only been $105 billion. These people have enormous mortgages, kids going to Ivy League schools and luxurious yachts to keep up with. How can we expect them to live on that?
Why not invest that money in, for example, General Motors, which saw record losses in the last quarter. Our industrial machine is lagging behind the rest of the world as it struggles to compete with overseas manufacturers. An $18 billion infusion split among GM, Ford and Chrysler could help those industries get closer to developing the hydrogen-, electric- or solar-powered vehicles that could break our dependence on foreign oil. At the very least, it could put some more Americans back to work.
Lastly, Caldwell County currently is paying somewhere in the neighborhood of $3 to $3.25 for regular unleaded gasoline. I'm hearing predictions of $4 a gallon when the summer driving season hits. Are the oil companies really keeping prices down due to our tax-funded subsidies, or simply milking our apathy for all it's worth?
If this bothers you too, write your elected officials in Washington and tell them to stop padding the already overstuffed pockets of oil companies with your tax dollars. Surely they can find a better investment, something that benefits the entire world, rather than a few filthy rich oil barons.
Who really deserves the break, us or them?
Edward Terry
Editor