Biden

Biden Just DECLARED WAR… This is INSANE

ICYMI – During CERAWeek, Joe Biden’s energy secretary could not speak kindly enough about the oil industry.

According to Secretary Granholm, the oil industry stepped up huge to increase production that helped stabilize the global market.

Yet, Joe Biden just took steps to drop the hammer on the domestic oil industry that will clearly put our energy security at risk.

What Is He Thinking?

Joe Biden should be working with the oil industry right now, not declaring war on them.

War, however, is exactly what he just did declare.

Biden introduced a measure in his new budget that would strangle the industry, removing $31 billion in tax breaks that he believes will go right to our bottom line without helping the average American.

The White House stated, “The President is committed to ending tens of billions of dollars of federal tax subsidies for oil and gas companies.

“Even as they benefit from billions of dollars in special tax breaks, oil companies have failed to invest in production.

“In 2022, they realized record profits and cut their investment as a share of operating cash flows to the lowest levels in decade, while undertaking record stock buybacks that benefited executives and wealthy shareholders.

“The Budget saves $31 billion by eliminating special tax treatment for oil and gas company investments, as well as other fossil fuel tax preferences.”

Here is a really crazy idea…

How about you let the industry keep the tax breaks as long as they move forward with technology to create lower emissions in the production and use of the product?

Biden critics went ballistic after this was published.

Mike Palicz, the federal affairs manager at Americans for Tax Reform, stated, “The claim that they’re going to get $31 billion from just repealing oil and gas subsidies is obviously absurd.

“The Inflation Reduction Act already raised taxes on energy — $20 billion of energy tax hikes in place for next year. Biden’s back here saying they will get $31 billion more from tax increases on oil and gas.

“All things are going to be passed on to consumers in the form of higher utility bills, energy costs, price of gasoline.”

He continued, “What they don’t do in the budget documents we have so far is name a single oil and gas subsidy. They don’t do that because there really isn’t one.

“Talking about the unfair advantage or leveling the playing field for green energy, again, we just passed [the Inflation Reduction Act] with $400 billion worth of green energy crap in it.”

Biden needs the oil industry to work with him right, and while this policy has no chance of passing while the GOP holds the House, Biden just put the entire industry on notice that Democrats have declared war on it.

Source: Fox News

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