Obama seeks take revenge on the oil companies for high oil prices. He will seek to remove tax "breaks" the oil companies enjoy. That will indirectly increase oil taxes by... $4 billion. Increasing taxes will help gasoline prices how?
A $4 billion tax break isn't even $.01 per gallon. So at least Obama's revenge on the oil companies won't be too expensive for us. Lucky us.
These so called breaks are not off the oil companies bottom line. The breaks are supposed to direct oil companies into doing certain kind oil business. The Obama Result will be oil companies will stop those kinds of business. There will be no increase in government revenue.
Revenge is bad public policy.
High oil prices have slowed the national economy, no question. We need look for the cause of high oil no farther than Obama's policies: Destabilize the Middle East; Ban drilling in the Gulf; Ban drilling in ANWR.
We can't forget Obama's policy to devalue the dollar. The American dollar index is down 35% from just before Obama took office.
All Obama has is revenge and hatred. Approval for his revenge scheme is pretty high. Obama has taken so much from the American public, revenge and hatred is all many have left. If only Obama weren't so skilled at directly the public's hatred.