So yesterday in New Hampshire, Obama’s plan to deal with high gas prices is to take away tax incentives for oil companies, tax provisions that permit them to deduct a portion of sales to cover capital investment, expense certain drilling and development costs, income tax credits for the costs of “qualified enhanced-oil-recovery” methods. In other words, all of these tax incentives make it easier and cheaper for oil companies to do their jobs – drill and refine oil. Obama wants to make activities like “drilling and development” more expensive… as a response to high gas prices.Geraghty also points out that Obama is claiming credit for higher oil production, but in fact our levels right now are around the 2003-2004 levels. Not that impressive.
It’s amazing he wasn’t booed off the stage yesterday.
Friday, March 02, 2012
Yep, Mr. Clueless wants to make it more punitive to drill for the oil America needs. From Jim Geraghty: