Of fools, $18 billion oil subsidies and the nation’s energy future (OpEd VT)

[jpak]

http://www.addisonindependent.com/node/1268

On Tuesday, Rep. Ed Markey, D-Mass., chairman of the House Select Committee on Energy Independence and Global Warming, held a well-publicized hearing with five of the nation’s top oil executives. The theme: Explain why the nation’s taxpayers should extend $18 billion in tax subsidies to an industry whose top five companies posted profits of $123 billion last year.

The obvious answer: Cut the subsidies and make it effective as soon as possible. Then, extend those subsidies to the alternative fuel industry and increase the nation’s conservation efforts.

That is the very least Congress should do to right the wrongs promoted and passed by a Republican Congress and President Bush since he came to office. The Republican Congress and Bush not only have been in bed with the oil companies since 2000, the excesses border on the obscene. Hence, Exxon-Mobil’s vice-chairman was testifying before the committee why it seemed reasonable that its former executive was given a $350 million salary and retirement package — an amount, as the senator from Missouri noted, that translates to $958,904 per day. When the average American is struggling to afford a tank of gasoline and oil companies are pulling in record profits, just how — the Democratic congressman asked — should he explain to his constituents why they are being taxed to pay for $18 billion in oil industry subsidies?

J. Stephen Simon, senior vice president for Exxon, did his best to explain the excess, but it was abundantly clear that greed has tarnished the oil industry as much as the hydro-carbons the industry produces.

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[JohnWxy]

1. recommended.

[Nihil]

2. K & R (n/t)