Topic: WorldNetDaily
A Sept. 28 WorldNetDaily article promoting the latest Jerome Corsi Red Alert newsletter asserts that "President Obama declared war on oil and natural gas." How so? by allegedly wanting to end tax subsidies for fossil fuel production:
The Environmental Law Institute estimated that in the U.S., the biggest fuel subsidies are tax breaks, the foreign tax credit and the credit for production of nonconventional fuels that added up to $72 billion over the seven year period studied, 2002 to 2008.
"Should Obama succeed, the end result will be tantamount to imposing a new tax on oil and natural gas production, with the outcome being that U.S. energy consumers will see energy price increases," Corsi warned.[...]
Corsi said he believes Obama may be desperate for tax revenue to cover the projected trillion-dollar federal budget deficits the administration is planning to incur in the foreseeable future.
"Yet, eliminating fossil fuel subsidies as part of a global-warming ideological agenda seems a particularly strange way to stimulate the economy out of a recession," he wrote. "Eliminating tax provisions that encourage U.S. investment in oil and gas technology, exploration and production will certainly increase U.S. dependence on foreign oil, with the resultant negative impact on our already negative balance of international trade."
That's right -- according to Corsi, ending a federal giveaway to oil and natural gas producers is the same thing as a tax increase for them.
Funny, we thought right-wingers like Corsi opposed federal subsidies. Shouldn't he be demanding that the fossil-fuel industry pay its own way instead of relying on government handouts?
