Just say no to oil tax breaks.
April 27th, 2006With record oil profits coinciding with muderously high gas prices, even Republicans are abandoning support of tax breaks for oil companies. As we approach election season, this switch probably has more to do with voter sentiment than concern about the working man, but the public should take advantage nevertheless.
Yanking away the $14.5 billion in breaks recently lavished on oil producers probably won’t dent their net margins much and it certainly won’t help reduce gas prices. However, critics of corporate welfare for big oil should seize the opportunity to raise awareness about the folly of
subsidizing such a profitable industry.
If voters make it clear to politicians that gratuitously padding oil profits may cost them their seats, voters have a rare opportunity to influence legislation.