Wednesday, August 03, 2011

Oil and Gas Subsidies

New Mexico forks over $285,000 a day in subsidies to the Oil and Gas Industry.  Does our Governor know that?  The profits this year for those boys, yes profits, will be $76 billion, yes billions.  And don't forget those CEO's and major shareholders will pay very little taxes.  It is enough to make one go mad.  If you really want to go completely insane then read this report from the Taxpayers for Common Sense.  And then get on the phone and call our oilman/congressman Steve Pearce and tell him what you think.

I know he thinks the budget needs cutting.  He could chime in and get this done.  Or, we could just close off the federal spigot to his district completely.  Three military bases, White Sands, Canon and Holloman, could be combined or eliminated.  Maybe he could sponsor a bill to cut off medicaid and medicare to his constituents since they vote for him and he represents their wishes.  That would help him realize some savings.

Life is too short.


Anonymous said...

Explaining rational ideas to Mr. Pearce is like arguing with a telephone pole.

Paul Lindsey said...

40% of the "Oil & Gas Subsidy" is actually the ethanol tax credits, which are really a sop to the farm states. The next highest "subsidy" is in the form of LIFO accounting, Changing to FIFO would affect every business in the US, not just O&G. But then, when it comes to trying to make headlines with a two month old report retitled to include the words "New Mexico", every inflated dollar counts.