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It's About Time!!!
When companies like Exxon Mobile are generating 10 BILLION DOLLARS in NET PROFIT PER QUARTER, you have to wonder why they need 16 Billion in subsidies. Truth is, they don't need it and the argument seems to be that if they don't get their subsidies, this will increase the price of gas at the pump. Actually, it won't! There's not a supply shortage, there's a shortage in the number of refineries and the big oil companies haven't built a new refinery in ages.

I also reject this notion that the lack of a subsidy is somehow a tax. In fact, I would say there should be federalized mandates for the minimum amount of net profit these companies are required to reinvest into exploration and the construction of new facilities. If they don't invest it, they should get taxed a higher rate on that profit and the proceeds should go towards investments in alternative energy sources.

Last point, this will not raise prices because if the 16 billion is used to jumpstart alternative energy supplies throughout the country, this will only increase supplies which will bring prices down and do it in a market that is not under the stranglehold of OPEC (remember those guys!).

Last words...cheap energy will drive growth of countries for the next thousand years. Imagine a world where your electricity and heating bill costs $25 for the whole year. What will that do for poverty? What will that do for the price of food? This bill is an important step in the right direction.
Posted by: rgeyzer   Posted on: 08/06/07 You are currently: a Guest | Members login | Terms of Use
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It's About Time!!!  rgeyzer | 08/06/07
A big oil shifts into new research  Boot_Agnostic | 08/09/07

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