Thursday, March 29, 2012

Obama Was For Oil Subsidies Before He Was Against Them

White House press secretary Jay Carney had no answer as to why Obama supported tax breaks for oil companies as a Senator in 2005, but now opposes them as President.

Henry: Why did the President vote for the energy bill in 2005 as a Senator that had over $2 billion in tax breaks for the oil industry? They were making a lot of money then too.


Carney: What I can tell you Ed is that the oil and gas companies in this country are making record profits, now, in 2012. The price at the pump is very high and that is plenty of incentive for these companies to continue drill, to continue to explore, to continue to develop energy sources here in the United States and abroad. There is no reason for the American taxpayer to subsidize that activity.


Henry: So why’d he vote for it?


Carney: I haven’t examined the vote, or what the prices were at the time, or the whole bill it was attached to. What I know and what the President knows is that this year, 2012, when we are seeing high prices at the pump, high prices in the international oil markets and high profits for the oil and gas companies, there is no reason to continue these kinds of subsidies. Take that argument to the people, I don’t think they’ll go along with it.
Video at the link.

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