Obama's Response to Skyrocketing Gas Prices: Punish the Producers

Submitted by Anonymous on April 27, 2011 - 8:02am

As gas prices continue to soar, the White House has a solution: Increase taxes on oil companies.

President Barack Obama urged Congress to immediately eliminate "unwarranted" tax breaks for petroleum producers. Obama said the move would yield $4 billion a year that would go to developing alternative energy.

At the same time, the administration backed off earlier plans to expand offshore drilling.

While the president trashes oil companies for failing to drill on tracts they currently lease, Obama's EPA blocked Shell from tapping 27 billion barrels in the Arctic Ocean.

The EPA is withholding air permits because of a 1-square-mile village of 245 people, 70 miles from the offshore drilling site.

Meantime, oil companies continue to post record profits, and you can count on them passing along any Obama tax increases to the consumers.

Note: Gas prices are up 37 percent this year -- doubling the cost when Obama took office.

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