Thursday, February 18, 2016

Tax Oil to Subsidize Wind?

Tax Oil to Subsidize Wind? | Somewhat Reasonable:
"...So how does Obama intend to repay the industry, now that it has fallen on hard times?
Amid a sluggish global economy and record oil and gas production, oil prices have plunged below $30 a barrel – forcing the oil patch to lay people off, many companies to retrench or ponder bankruptcy, and many communities to confront reduced employment, consumer spending, real estate values, and revenues.
But as part of his last-gasp, $4.1-trillion, $503-billion-deficit 2017 federal budget, the president wants Congress to slap a $10.25 tax on every barrel of domestically produced or imported oil. 
He says this will raise some $400 billion over the next ten years.
This will allow him to increase EPA’s budget to $8.3 billion, pour $1.7 billion a year into the “climate fund,” and channel hundreds of billions into high speed rail, wind, solar, biofuel, “eco-friendly” cars and other “green” energy schemes. 
It thus means more opportunities for unelected, unaccountable bureaucrats to pick winners and losers, expand their fiefdoms, and pad their bonuses and pensions..."

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