Thursday, July 15, 2010

Look, Found Some Money!

Did you know the government is pouring money into subsidizing the development of "green" energy technologies? I bet it makes you FURIOUS! Why are your tax dollars going into that nonsense when we already have oil, which is cheap and plentiful?

It turns out it isn't so cheap. Check out this graph, a PDF file.

A study released by the Environmental Law Institute, a nonpartisan research and policy organization, shows that the federal government has provided substantially larger subsidies to fossil fuels than to renewables. Subsidies to fossil fuels totaled approximately $72 billion over the seven-year study period, while subsidies for renewable fuels totaled $29 billion over the same period.

The vast majority of subsidies support energy sources that emit high levels of greenhouse gases when used as fuel. Moreover, just a handful of tax breaks make up the largest portion of subsidies for fossil fuels, with the most significant of these, the Foreign Tax Credit, supporting the overseas production of oil.
So in other words, part of the reason a gallon of gas is so cheap in this country is because you already paid for it in advance last April 15th. Or in other other words, the oil companies are turning record profits because you're picking up their expenses.

And lay off Obama, okay? He's only shaking BP down for some of the money we already gave 'em.

I still don't know why Fox News is giving all this free air time to Oil Company spokesmen. It's like donating money to buy clothes for Liberace. Break yourself off a piece of that, Neil Cavuto! Exxon won't miss it. Besides, it's your money to begin with.

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