For the last four years, President Obama has pushed hard for punitive new taxes on American oil and gas companies. He claims that domestic energy firms are getting corporate welfare and benefiting from subsidies when in fact, he wants to deny them perfectly ordinary tax deductions widely available to U.S. industry. Fortunately, we’ve had enough sane people in Congress to thwart this move, which would kill jobs, drive up the cost of oil and natural gas, and weaken our country’s hopes of energy security.
What the president doesn’t talk about is the massive development and job creation that’s due solely to the private investment — mostly on state owned or private lands — in shale gas and oil.
While the president is investing billions in taxpayer dollars in failed green energy schemes like Solyndra, American oil and gas companies are investing in not only our treasury, but in the energy that our economy really needs for the foreseeable future.