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Politics : Politics of Energy
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To: Brumar89 who wrote (674)7/10/2008 3:00:57 PM
From: RetiredNow  Read Replies (1) of 86355
 
Sure, subsidies for oil CAN stimulate increased domestic production, when they come at times the industry is suffering. But any econ 101 student can tell you that a company flush with cash and raking in massive profits will experience very little incremental incentive from subsidies. They already have all the incentive they need from high market prices. The only incentives I think we should be giving oil companies is opening up choice federal lands and offshore drilling. And we should do that immediately.

But the fact is that the tax acts of 2004-5 did give incentives to drill in the Gulf of Mexico. Those are offshore subsidies. That's a fact, not a mis-statement.
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