Quote of the Day   Leave a comment

Barack Obama 3-29-12 “Good morning. Today, Members of Congress have a simple choice to make. They can stand with big oil companies, or they can stand with the American people.

Right now, the biggest oil companies are raking in record profits – profits that go up every time folks like these pull into a gas station. But on top of these record profits, oil companies are also getting billions a year in taxpayer subsidies – a subsidy they’ve enjoyed year after year for the last century.

Think about that. It’s like hitting the American people twice. You’re already paying a premium at the pump right now. And on top of that, Congress thinks it’s a good idea to send billions more of your tax dollars to the oil industry?

It’s not like these are companies that can’t stand on their own. Last year, the three biggest U.S. oil companies took home more than $80 billion in profit. Exxon pocketed nearly $4.7 million every hour. And when the price of oil goes up, prices at the pump go up, and so do these companies’ profits. In fact, one analysis shows that every time gas goes up by a penny, these companies usually pocket another $200 million in quarterly profits. Meanwhile, these companies pay a lower tax rate than most other companies on their investments – partly because we’re giving them billions in tax giveaways every year.

Now, we all know that drilling for oil has to be a key part of our energy strategy. And we want our oil companies to succeed. That’s why under my administration, we’ve opened up millions of acres of federal lands and waters to oil and gas production. We’ve quadrupled the number of operating oil rigs to a record high. We’ve added enough oil and gas pipeline to circle the Earth and then some. And just yesterday, we announced the next step for potential new oil and gas exploration in the Atlantic.

The fact is, we’re producing more oil right now than we have in eight years, and we’re importing less of it too. For two years in a row, America has bought less oil from other countries than we produce here at home – for the first time in over a decade. Simply put, American oil is booming.”

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Posted March 30, 2012 by tmusicfan in Politics, Quote of the Day

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