Obama continues jihad against oil

“Mr. Obama, returning to the nasty corporate-bashing message of his first two years, attacked the U.S. oil industry by implying it was receiving massive subsidies that could be redirected to clean energy. “I’m asking Congress to eliminate the billions in taxpayer dollars we’re currently giving to oil companies.” In fact, there is no money going to oil companies. It’s not a subsidy but a tax deduction that is used by all U.S. manufacturing corporations. Now Mr. Obama wants to single out the oil industry for punishment.

When it comes to paying corporate taxes, a recent University of North Carolina study found that U.S. oil giants paid effective tax rates of up to 43.9% (Chevron) between 2003 and 2007. During the same period, the green giant GE enjoyed a tax rate of 11.5%.”  “Ground control to Major Obama

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