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Monday, August 29, 2005
Tax Cuts for Oil Industry
D
uring the oil embargo in the '70s, President Carter took some quick and aggressive measures to reduce the strain on the American public. Jimmy Carter ordered that• all unnecessary lights in government buildings be turned out
• thermostats be lowered
• the speed limit be reduced and
• he passed an excess profits tax on oil companies.
H
e reasoned that since one industry was draining the money out of the pockets of the average American, then that industry was going to kick back to help out the general welfare and level the playing field.
T
hirty-two years later, we are again facing an oil shortage. The aggressive steps taken by the current president, who has close ties to the oil industry: give the industry billions of dollars in tax cuts to go along with the billions it already is making due in part to the Iraq war.
Posted by fm on August 29, 2005 at 12:08 AM