Look for some fireworks today as Exxon Mobil CEO Rex Tillerson goes before the Senate Finance Committee in that body’s efforts to lay blame for high gas prices at the feet of big oil. As you well know, it is page right out of the Democrat playbook. I don’t enjoy paying for $4/gallon gas any more than the next person. On the other hand, the typical Senate Dems, such as Sen. Chuck Schumer (D-NY) and Sen. Robert Menendez (D-NJ) are exercising their usual practice of grandstanding for political capital. That’s all it is, nothing more.
MenendezAt issue is tax breaks given to domestic oil companies which the Democrats are seeking to discontinue. However, Tillerson is expected to point out “they are not special incentives, preferences or subsidies for oil and gas, but rather standard deductions applied across all businesses in the United States”. On top of that will be the unheard (as far as the Dems are concerned) of suggestion to expand oil and gas production in the U.S. A concept considered hostile by the Obama Administration…
“There is a more effective way to take steps to reduce prices and raise revenues – but, unfortunately, it is a way Congress and the Administration has so far rejected,…. If the U.S. oil and gas industry was permitted to develop our nation’s enormous untapped energy supplies, it could put downward pressure on energy prices and increase revenues for government budgets.”
As pointed out be Idaho Sen. Orrin Hatch (R), eliminating the tax breaks would likely have no effect on prices…they may not go up, but they likely would not go down as a result either.
The whole scenario is just one more of endless examples of the Democrats playing a situation for political expediency rather than focus on solving the problem. Their answer is to blame and demonize in order to “look” good in front of their constituents. Never mind the reality of the concern. A tactic which our lifetime will never see come to an end.