Time to put an end to Big Oil subsidies
Both are making record profits yet only the farmers appear ready to help save the country some money and forego subsidies for their crops.
The oil business? Not so much.
“In the current dynamic, we can’t take anything for granted,” the American Petroleum Institute’s Marty Durbin told the Houston Chronicle. “Given the strong desire for new members of Congress to want to show they are really doing something on cost-cutting and deficit reduction, you never know what could get thrown in the mix.”
That was last year, and Durbin had nothing to worry about. Efforts to kill oil subsidies got nowhere in 2011 and are unlikely to succeed in an election year. This despite soaring oil company profits.
Even more exasperating, though certainly not a bit surprising, is the fact that too many members of Congress are just fine with oil company subsidies and would apparently prefer to cut benefits to the sick or elderly than trim corporate welfare programs.
Earlier this month, the Obama administration proposed cutting
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