Democrats Start Whittling Away At Subsidies for Oil Companies
The House of Representatives passed a bill to eliminate some $14 billion in annual subsidies paid to the likes of Exxon-Mobil and Haliburton. Instead the money will be channeled into renewable energy projects and research for new energy technologies.
W (worst ever) and the oil industry fought the losing fight. They contened that this “unfairly singled out oil companies.” Isn’t that too too bad! Poor Exxon-Mobil is only netting about a billion a day. That’s almost as much money as we spend each day in Iraq! Or rather we should say that is how much the American public borrows each day to suppor the war and Exxon-Mobil’s access to Iraqi oil.
The Bush administration and oil industry spokesmen also critized the policies for lowering the incentives to pump American oil. Apparently their solution is Drain America First!