The Obama anti business machine has reved up again. This time Obama seeks to repeal tax breaks for the American oil industry to punish it for the profits they are raking in because of the Obama administration’s refusal to allow an easier path forward to increased production of oil here at home. If you follow this line of thinking in logical reverse order then the Obama administration should enact tax reductions on everyone who is paying higher gas prices because of coercive government policies that are impeding more domestic oil production.
But Obama does not see it that way. In his perfect universe the residual from American oil operations should feed the government coffers to inflate the size of government. In his world there is no room for any incentives for or residuals from exploration, development and new production or for investor dividends. It’s a shame President Obama does not impose his will on the OPEC cartel by demanding retribution for the billions in inflated oil profits snatched from the pockets of Americans every year. But of course Obama is too obsequious when it comes to the Arabs who are stealing the U.S. blind everyday. What America needs most is a president who is more interested in increasing America’s wealth than he is in policies, domestic and foreign, that shrinks it.