Our government saves the oil companies over $4 billion a year through tax breaks and subsidies.
As long as the big oil companies continue to line the pockets of their congressional friends, no one will fight for the preservation of our environment or for alternative green forms of energy that will stop destroying our planet and our bodies. The 5 largest oil companies – BP, Chevron, ConocoPhillips, ExxonMobil, and Royal Dutch Shell – spent $1.6 million on campaign contributions and $65.7 million on lobbying efforts to be able to retain their tax breaks.(http://www.opensecrets.org/lobby/indusclient.php?id=E01&year=a). This $65 million was quite a bargain – for every $1 spent on lobbying in Washington, the big five received $30 worth of tax breaks (http://www.opensecrets.org/lobby/indusclient.php?id=E01&year=a). $65 million is pocket change when these companies made more than $1 trillion in profits from 2001 through 2011.Fossil fuels are the largest greenhouse gas emitters in the world, contributing 3/4 of all carbon, methane and other greenhouse gas emissions. Viable alternative energy sources already exist, but our government rewards these companies for destroying our environment. The International Energy Agency says that the single act of eliminating global fossil fuel subsidies would get the world nearly halfway to targeted greenhouse gas emissions reductions by 2020. In one fell swoop, the move would slash growing energy demand by 4.1%, and reduce oil demand by 3.7 million barrels per day. Obama has demanded on 3 separate occasions to repeal the oil industry’s $4 billion federal subsidies. Bravo you say. But wait. He then turns around and gives a $500 million government backed loan to Solyndra, a solar company, who ends up going bankrupt. It is not the governments job to TRY and pick winners and losers with OUR taxpayer dollars! Just stop giving one of the most profitable industries in the world a government benefit. More details on tax breaks can be found here: http://www.nytimes.com/2010/07/04/business/04bptax.html.
Here are just a few of the many alternative energy sources that exist:
Solar Energy – http://alternativeenergyprimer.com/solar-energy.html
Hydro Power – http://alternativeenergyprimer.com/Hydropower.html
Wind Energy – http://alternativeenergyprimer.com/wind-power.html
Biomass – http://alternativeenergyprimer.com/Biomass-Energy.html
Geothermal – http://alternativeenergyprimer.com/Geothermal-Energy.html
The free market – not government – is the solution to America’s energy needs. Unfortunately, decades of misguided federal action have helped lead to skyrocketing fuel prices, making it even more difficult for hardworking families to make ends meet. Washington’s bureaucratic regulations, corporate subsidies, and excessive taxation have distorted the market and resulted in government bureaucrats picking winners and losers. As long as we allow federal regulations and bureaucratic red tape to get in the way of energy exploration, our country will never solve its energy crisis, and Americans will continue to pay the price in high costs.