Saturday, March 5, 2011
US Approves Deep Water Drilling Again: BP Gets the First Permit!
This gets classified in the "WTF" files! Less than a year after the worst oil spill in US history, and before we can even get the slightest grip on the long term effects of the ecological disaster that took place, the US government has decided deep water drilling can continue and of all companies, BP was issues the very first permit!!!!!
If you follow the news at all lately, one of the hot news topics on electric cars is the Presidents desire to assist the electric car industry with subsidies to lower the cost of the cars (rebates) and funding to help install public charging stations. This has been met with resistance from some who claim they want the market to determine which fuel wins for personal transportation.
That sounds like a valid point, but people either forgot or never knew the oil industry is tremendously subsidized. There are drilling subsidies, exploration subsidies, refining subsidies and more. Then these companies that make tens of billions of dollars in profits every year don't pay a penny of federal tax. That's right, not a penny! You and I pay tax on their end product and than pay our own personal income tax, but these huge, highly profitable oil companies they don't pay the US anything!!!
I'll stop clamoring for federal assistance for a technology that will help the environment, the US economy and strengthen our national security when the competing fuel stops getting hundreds of billions of assistance every year. Plus, I didn't even bring up the money spent and US troops killed in the wars we fight to keep the oil flowing freely and inexpensively towards the West.