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Obama will cut dirty energy industry tax breaks
President Obama wants to cut tax breaks to the oil and gas industries worth over $25 billion dollars. It's about time.
Fri, May 15 2009 at 4:17 PM
Photo credit: Flickr user Gas Station Sushi
It's no secret that I'm a big fan of the Obama administration. They aren't perfect (no one is) and I don't agree with 100% of their decisions, but on the whole I think they're making the right calls.
Last week, the Obama Administration released details from their proposed fiscal 2010 budget that ends $26 billion in tax cuts to the oil and gas industry.
It's obscene that our country gives $26 billion dollars to oil and gas companies that have been reaping massive profits from historically high energy prices. It's criminal to give tax breaks to industries that pour pollution into our air and I'm glad my taxes won't be used anymore to make ExxonMobil richer.
Give the money to clean energy, build a truly green and sustainable energy system, and let's get past even having to talk about oil and gas. They belong, with coal, on the refuse heal that will be the Wikipedia entry for Energy 1.0.
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It makes sense. You cannot put the breaks on and press the gas peddle at the same time.
But cap-and-trade is not the best solution available. See cap-and-trade problems and follow the links. A structural strategy could be more powerful and less costly.
There is infomation about such a strategy and a comparison between the two systems at Alternative Solutions for Global Warming.