On Monday, House Speaker John Boehner said that oil companies are “gonna pay their fair share in taxes and they should” and that the industry did not “need to have the oil depletion allowances” they currently receive.
But that just incensed the corporate-owned wing-nuts who screamed that any reduction in corporate subsidies — including the $4 billion in tax breaks received by the oil companies — is a “tax increase”. In other words, the Republicans have bravely made their stand in favor of corporate welfare.
So it is no surprise that on Thursday Boehner wouldn’t even allow a vote to occur on ending oil company subsidies. Remember, these are subsidies that even the oil industry admits they don’t need.
At a time when our ridiculous dependence on oil threatens our national security, our environment, and our economy, we don’t need to be subsidizing that dependence with our taxes. All those people who claim to believe in free markets need to put their money where their mouths are and oppose these subsidies. And second, we need to immediately put the brakes on rampant speculation, not just in oil, but in all commodity markets. We need to get back to free markets that obey the laws of supply and demand.
UPDATE: A good explanation of how speculators are responsible for high oil prices (as well as high food prices). The supply of oil is at an all-time high, and demand is down, but the price just continues to rise. The media is going to try to convince you that high prices are a result of unrest in the middle east, but that’s not the real reason.