Today's Situation Room:

Wolf Blitzer delivers the most important breaking news and political, international, and national security stories of the day. Tune to The Situation Room weekdays 5-7pm ET on CNN.

Wolf Blitzer delivers the most important breaking news and political, international, and national security stories of the day. Tune to The Situation Room weekdays 5-7pm ET on CNN.

BLITZER’S BLOG: ExxonMobil’s profits soaring, why are they subsidized?
October 28th, 2011
04:51 PM ET

BLITZER’S BLOG: ExxonMobil’s profits soaring, why are they subsidized?

By CNN's Wolf Blitzer

(CNN) - Did you notice that ExxonMobil’s profits rose 41 percent in the last quarter to $10.33 billion? A year ago, its third quarter profit was $7.35 billion.

ExxonMobil is doing just fine, and that is good. It employs thousands of hardworking people, and I’m happy about that.

But these impressive profits also raise an important question: Why should hardworking American taxpayers continue to subsidize ExxonMobil? Like other oil giants, ExxonMobil continues to get hefty tax benefits.

Donald Trump says that’s “insane and ridiculous.” In an interview with CNN’s Piers Morgan, Trump said tax breaks for ExxonMobil don’t “make any sense.”

Trump goes one step further.

He says ExxonMobil and the other major oil giants have been “in cahoots with our enemy which is OPEC…They’re the ones that distribute the oil. You know OPEC takes it out of the ground and these guys come along and distribute it. For us to be subsidizing Exxon and other companies like ExxonMobil is absolutely insane and ridiculous.”

According to reports, ExxonMobil and other oil companies get nearly $4 billion a year in write-offs for drilling and other tax breaks.

In the scheme of the huge trillion dollar deficits, $4 billion may not seem like a lot. But $4 billion could do a lot of good in other critical areas of government spending. Or that money could be used to pay down the growing U.S. debt.

As they say in Washington: “A billion here, a billion there, and pretty soon, you’re talking real money.”

RELATED STORY: Exxon Mobil profit soars 41%

Follow Wolf Blitzer on Twitter: @WolfBlitzerCNN

Post by:
Filed under: Situation Room
soundoff (214 Responses)
  1. Newfamilyguy

    Well the thing is I want Exxon and BP and Dominion Power and any number of these energy sector corps. to do well BECAUSE all of my and YOUR 401K mutual funds have some this stock tied to it. Get real if you want them to fail make sure you read the prospectus before you drop that 10 percent down on that Vanguard 4000...we can't have it both ways either they succeed and make big bucks or we all fail to a degree.

    November 4, 2011 at 10:10 am |
  2. Dale Fridley

    Many good comments by readers, but also many ignorant comments. I can excuse the ignorant comments from readers, but not those by Mr. Blitzer, which are either based on ignorance, political posturing, or economic beliefs more similar to Marxism than captitalism.

    First, "subsidies" for oil and gas are lower than for all or most sources of energy, in $/Btu, the only meaningful measure.

    Second, the "subsidies" for oil and gas are predominantly the same tax provisions given to all manufacturing or mineral extraction industries.

    Third, do we want a system where successful companies like ExxonMobil, Apple, Google, etc. are singled out from less successful compeitors or industries for increased taxation because they can "afford it?" That sounds like Marxism to me and is a prescription for the misallocation of capital, leading to decreased productivity of our country and loss of competitiveness in the world, precisely the desease we are suffering from now based on unsound government policies and crony capitalism.

    Mr. Blitzer is a respected journalist, and I don't like to see him squander that respect on such drivel.

    October 30, 2011 at 11:19 am |
  3. miguel

    Congress is meeting to vote on a new corporate sponsored Holiday called "Outsourcing Day" in an attempt to recognize the Americans that lost there good paying jobs to Chinese influence and find that lessor jobs are being quickly filled by Illegals and their offspring. Proponents argue that this is an

    insult but Corporation heads are saying "Its just business". Campaign starting

    with a national message that Labor outsourcing is Un-American in its very

    practice.

    October 30, 2011 at 10:40 am |
  4. Dan in Albuquerque

    Ridiculous. It's all part of the general GOP scheme, the rich get richer on the backs of American middle class taxpayers. Until the GOP is out, we'll keep having loopholes and breaks on corporations that don't need them that cost this economy billions, if not trillions.

    October 29, 2011 at 3:48 pm |
  5. ThinkAgain

    "It's about incentivizing innovation." The oil companies don't need any incentive; they already have it in the form of huge and sustained profits.

    I'm tired of subsidizing this industry at the expense of those in real need and investment in whom is essential to our nation remaining competitive (and civil) into the future. Cutting WIC and HeadStart so that we can continue giving money to an industry that so obviously doesn't need it is obscene and un-American.

    October 29, 2011 at 1:33 pm |
  6. Kansas Cowboy

    You are trying to destroy the job creators by your class warfare! We should DOUBLE their tax credits and remove ALL REGULATIONS on drilling! Then we can all bask in the smoldering, stinking ruins of this country, comforted by the knowledge that our Job Creators received the worship and glory they are due. Amen!

    October 29, 2011 at 1:18 pm |
  7. Randy, San Francisco

    The answer is so obvious: politiicians are in the pockets of the oil industry.

    October 29, 2011 at 10:47 am |
  8. Wastrel

    The giant oil companies are not only getting tax writeoffs that they don't need, they influence our foreign policy. It is for fear of offending them (and other inadequate reasons) that we will not actually win a war in the Middle East, subjugate the enemy, and take their oil. The oil companies like the situation the way it is right now, and because of them we are employees of OPEC and don't dare rock the boat. As a consequence, we expend the lives of our soldiers and spend our treasury into virtual bankruptcy, get no recompense whatsoever (a few billion barrels for the Strategic Reserve would have been a good thing, but OPEC says no), and allow the country we have just defeated (Iraq) to start over as a terrorist state in perpetual ignorance with a constitution saying that Islam is the law of the land.

    October 29, 2011 at 10:21 am |
  9. Concerned Citizen

    I agree exactly with this artlcle and have had the same thoughts for quite some time. Why ARE we subsidizing an industry that has been making billions of dollars? Maybe because our politicians are in cahoots with these guys accepting money to make laws for the oil companies, and any other entity that provides incentive. We should OUTLAW accepting money from any entity if you are a politician, and make it a minimum 10 year prison sentence if found to do so. Need to stop the influence that entities with money have towards the politicians in the US government.

    October 29, 2011 at 9:48 am |
  10. Dawn Tarr Ada, Ohio

    This is why there should be no lobbying for any companies. We the tax payers are contributing to salaries which are more than the incomes of the entire population of some counties. Talk about class warfare........they are simply robbing for Paul to pay Peter and we all sit back and let it happen. Our Representation has been bought and paid for by these companies, but yet there are still the lemmings who support raising taxes on the middle class.......9/9/9 and 20% flat taxes........good god people wake the "f" up.

    October 29, 2011 at 9:14 am |
  11. tee

    corporate welfare and corporate greed at it's finest.

    October 29, 2011 at 3:51 am |
  12. Thomas

    They are subsidized for many reasons . The first is to keep prices down in America. We as individuals pay less at he pump compared to our neighbors. Or we think we are paying less. If you add the government subsides , we acutely pay as much or more then or European friends.

    With our grand Lobbyists on K street , we will continue this process of a manipulated Energy market.

    October 29, 2011 at 2:50 am |
  13. Wise1Speak

    NO ONE REMOVES THEMSELVES FROM THE CORPORATE WELFARE TABLE – – BECAUSE CHEESE IS CHEESE

    If a poor ignorant fool is willing to give you $4-Billion a year just because you asked for it, would you turn it down? NO!
    Than why do you people expect Exxon to stop taking corporate welfare? Exxon will continue taking the taxpayer cheese until the voters remove the politicians that take Exxon's cheese.

    October 29, 2011 at 1:53 am |
  14. bigwilliestyles

    Every time someone mentions the word 'boycott' with one of these huge conglomerates, some blowhard jumps in to say: "that won't work". If you were to listen to these know-nothings, nothing would have ever gotten invented, accomplished, climbed, flown, etc. American history is littered with these idiots; a couple of years ago, one that I know was adamant that there was no way a Black president would "ever be elected in this country". Pay these people no mind; a boycott would most certainly get Exxon Mobil, Apple, Walmart, or any other corporation's attention, and quickly. He!l, some of these "it won't work" posters may work for Exxon Mobil to get on here and try to discourage the possibility of a boycott.

    October 28, 2011 at 11:57 pm |
  15. skarphace

    Why are oil companies subsidized? The answer is simple: campaign contributions.

    We need to get rid of tax deductions for campaign contributions as soon as possible. Even better, we should get rid of corporate campaign contributions all together.

    October 28, 2011 at 10:51 pm |
  16. Richard

    The tax breaks are not related to income, they are an incentive to drill wells which would otherwise not be economic. If these tax deductions go away, the result will not be appreciably lower income for Exxon or more taxes paid, it will be fewer wells drilled which results in fewer jobs and lower production (I.e. Higher cost for the consumer).

    October 28, 2011 at 10:31 pm |
  17. Jay

    The whole point of talking about ExxonMobil, for my part, was because when Blitzer interviewed Bachmann tonight, he didn't bother to counter her fabrication that ExxonMobil had an effective tax rate of 45%-no way, ExxonMobil's effective tax rate is 17.6% when one subtracts out the taxes XOM collects for the states' and the federal government's consumer taxes on gasoline.

    October 28, 2011 at 8:42 pm |
  18. Gene Brady

    The politicians who are in bondage to the corporations, like Exxon, have assisted the corporations to Economically RAPE America for decades. That is why the 99% are in the streets and the PR company's, hired by the corporations are attacking the character of the 99% demonstrators. It will get worse soon.

    October 28, 2011 at 8:38 pm |
  19. Mike

    we are not talking about compensation, we are talking about profits. Revenue after expenses, this includes reveneu used for compensation, drilling, etc. Oil companies do not need subsides, they need a brain!

    October 28, 2011 at 8:29 pm |
    • Marry

      Mike, they do have a brain (and the strategy and the money)! What would be nice if more voters would use theirs and vote out the people that facilitate this type of plundering the American public! And “big oil” are not the only ones doing it!

      October 29, 2011 at 1:38 am |
  20. Tom

    Saying that ExxonMobil or any other oil company is 'subsidized' is a bit disingenuous. They are able to capitalize IDCs (intangible drilling costs), the same way any other company is able to capitalize up-front expenses. Source: I am a finance guy at a 'Big Oil' company

    October 28, 2011 at 8:26 pm |
    • amlcpamaine

      You are sure to defend your employer, Tom, but this is NOT disengenuous. Your employer is using public money to defray risk, a risk that once was considered a national priority but - according to most of us - is not. You can have lobbyists talk all day (at great expense) about your arguments for keeping subsidies, but most of us have brains in our heads and pressures in daily life that solidify the position of ending the subsidies. Most of the country is hurting (you oil people are not!) and concerned over longer term job opportunities. If you want to ride out your career with an anachronistic management and a politically-influenced product, that's understandable. But I want our children to consider new technologies, environmental responsibility and fair management for their careers and it makes me sick to see the government hand over tax dollars to you just so you can lecture us.

      October 29, 2011 at 8:40 am |
    • ddblah

      Good for you. Can you explain/talk away the fact that they do receive subsidy from government? They don't? Or, they simply used the subsidy well (but nevertheless did receive it). Are all oil finance people like you, having a warped mind and are able to justify the "subsidy is not subsidy"?

      October 29, 2011 at 11:37 am |
    • Tom

      You're right, this industry as a whole shouldn't be subsidized with tax breaks and credits. A hundred years ago when the government wanted to help the industry as it was starting out, sure. Not today – it's corporate welfare and the oil industry doesn't need it.

      October 29, 2011 at 2:07 pm |
    • Dan in Albuquerque

      Even so,o, they are still making monstrous profits with tax breaks and loopholes that cost this economy much needed revenue. Most Americans say that should end.

      October 29, 2011 at 3:56 pm |
  21. Jay

    Think about it. If you work at ExxonMobil with annual wages/compensation of $70,000, your CEO makes 139TIMES more than your compensation. This massive compensation inflation is a part of the price of gasoline to all consumers, and worse, part of the excess liquidity, along with tax cuts to the highest paid, and communist Ayn Rand Greenspan keeping interest rates too low for too long, that has caused the incredible wealth disparity between the 1% wealthiest and 99% of everyone else.

    October 28, 2011 at 8:24 pm |
  22. Robert Yarush

    Americans .... primarily our politicians are the root of America's decline. The system of government that Americans insist is so great has serious issues... and if it is not revamped... if it is not brought into the 21st century... is going to be driven into the ground. Ive never been able to understand why we blindly insist on the policies we do. Our law makers are so out of touch... Americans have nobody but themselves to blame for our decline.... a true tragedy.

    October 28, 2011 at 8:13 pm |
    • Izza Rollin

      The root of our problems is not the politicians, its the corporations that own them. Politicians can only get elected with mucho $. Corps are happy to oblige. They brainwash us into thinking that govt is bad and corporations will save us if govt. will just get out of the way. We need to take our country and our govt. back from this insidious force!!.

      October 29, 2011 at 8:02 am |
  23. Tempo

    125 billion to make the 10 billion...that 10 billion is after operating costs, after salaries, after R&D. That's still nearly a 10% profit. So what if they spent $125 billion to profit $10 billion. That means they made $135 billion. This isn't a small struggling business where their profit is their take home salary. That's $10 billion that the company just sucks up and then, likely, awards in bonuses to the CEO and board.

    October 28, 2011 at 8:11 pm |
  24. Ken

    It is ridiculous, but we just cant seem to get it changed. All our politicians will agree it is nuts, but they still wont change it. Corruption is the only answer I can come up. The entire American system, politically, fiscally, and socially, is totally flawed. And poeple dont want to change it. You watch and see how many people protest my statement and say "well just leave the country". People value thier political prejudices more than anything.

    October 28, 2011 at 8:11 pm |
  25. Doug Bond

    My biggest fear is that if the government subsidies are withdrawn, ExxonMobil will simply stop all drilling and fold as a profitable corporation...yeah RIGHT!

    October 28, 2011 at 8:11 pm |
    • rob

      Well they may certainly fold operations here in the US, taking their thousands of good paying jobs with them elsewhere.

      October 28, 2011 at 10:23 pm |
  26. Voiceinthewind

    Because the Con-gress is totally corrupted and Republicant (No new Tax)Poli-tickers are in on the take. That's why. The system is totally broken and capitalism has turned into Corrupted Greed. OWS is completly correct the 1% control the monetary system and this system stinks to high heaven with corruption, payoffs, liars, thieves, and murderers. A redistribution of wealth is one answer a set of regulations agreed on by the people is also a probable answer. I do know that the current Con-gress is not the answer.

    October 28, 2011 at 8:10 pm |
    • scott

      Voice in the wind? A fitting name for someone thats sprouts hot air without saying anything, First here we go again when all else fails blame it on the Republicans. Its not their fault, deals go on all the time between American Oil Companies and oil producing states. The Cartel sell it cheaper then what they list it for. In turn oil companies buy it cheaper and use the inflated price of oil as a means to charge high for a gallon of gas

      October 29, 2011 at 6:14 am |
  27. schnikers

    Let's see – lobbyists? government officials in their pockets? stupdity? you tell me.

    October 28, 2011 at 8:07 pm |
  28. bigwilliestyles

    The real question is: why are Blitzer and the rest of the Corporate media pretending to act surprised by this 'corporate welfare'? This stuff is the norm, not a surprise. CNN is as much a part of this type of taxpayer subsidized greed as Exxon Mobil, and I'm sure CNN receives it's own set of 'subsidies' which is merely the LEGAL funneling of TAXPAYER money to the 1% that OWS is protesting.

    October 28, 2011 at 8:06 pm |
  29. Gerald

    We'll have a French revolution in America soon unless lobbyists are banned and deemed illegal and politicians charged with corruption if influenced by conflict of interest. Our government is rotten from top to bottom. We need to demand an overhaul of Congress to include term limits.

    October 28, 2011 at 8:06 pm |
  30. bobbo62

    Only the ignorant fail to see what occurred during the Gulf oil spill. Some Republicans actually apologized to BP for being criticized by the general public and other politicians. Oil companies contribute to many affiliations, liberal and conservative alike, but it's the conservatives that shield them from losing their subsidies. The continued support of oil subsidies, by anyone, is shameful. Let's see how congress addresses this issue, or not. If the voting issue of subsidies actually comes to the floor, watch to see who supports big oil. You'll find the conservatives at the top of the list.

    October 28, 2011 at 8:06 pm |
  31. GRR

    Every Republican House member including the tea party freshmen voted "against legislation" to "end" taxpayer subsidies paid to oil companies. The tea party movement was nothing but blue smoke and mirrors. They were never for the people, just Wall Street and corporate America.

    October 28, 2011 at 8:04 pm |
  32. GoFaster58

    If each of the big 4 oil companies were subsidized to the tune of $4 billion that would come to $16 billion. This country could sure use that money.

    October 28, 2011 at 8:03 pm |
  33. John

    Well we subsidize Ethanol production too. If these alternative energy's are so great, what does any of them need tax payer help? Why do we give tax breaks to buy electric vehicles? Our Government gives tax breaks because that's what Government does. Give away tax payer dollars. What we need to do is stop special interest groups and their companies and organizations from controlling our Government. The people elect these officials to represent all the people. Not just certain groups.

    October 28, 2011 at 8:02 pm |
    • rob

      Public service unions are the biggest recipient of Tax payer subsidies and corruption. They take dues from their members who are paid with our taxes. With those dues they contribute to the Democrats who then provide the unions with more unsustainable contracts. It is nothing more than a huge money laundering operation. Tax Payer funded campaign contributions to a political party.

      October 28, 2011 at 10:12 pm |
  34. John

    Because the Republican keep giving them to the Big Oil Company. The Democrats try and stop the Subsides back In July or August and the Republican In Congress and In the Senate voted against It. GOP protecting the Rich and Big Business.

    October 28, 2011 at 7:59 pm |
    • rob

      The Democrats were in total controll of the federal Govt from Jan 2009 to Jan 2011, why didn't they vote to stop these subsidies then ?

      October 28, 2011 at 10:14 pm |
  35. Rob

    Why didn't wolf mention that it took 125 billion to make that 10.33 billion? Thats a pretty low margin.

    October 28, 2011 at 7:59 pm |
    • Bob

      This one is really easy, anyone who buys gas from any Exxon or Chevron owned business is a plain fool. Me I go across the street to Valero, an independent or costco and pay as much as 30 cents a gallon less than what these crooks charge. P.S. Techron is a joke for more fools.

      October 28, 2011 at 8:07 pm |
    • nearnaco

      Who cares how much they spent, they still do not deserve tax breaks!

      October 28, 2011 at 8:07 pm |
    • Scott

      What's that got to do with anything? There are tons of businesses in the US that profitably operate with low margins that do not get special subsidies.

      October 28, 2011 at 8:08 pm |
    • JIMM

      Its 8%, which is higher than the industry average. But its still 10b in profit...do they need to be subsidized?

      October 28, 2011 at 8:21 pm |
    • Alan

      Did they really spend $125 million in the last quarter? I don't think so.

      October 28, 2011 at 8:23 pm |
    • WingKnight

      Because its not really relevant to their being subsidized.

      October 28, 2011 at 8:26 pm |
    • Doyle Wiley, MI

      Rob, the point is that if you make a profit of 10 billions in one quarter you don't need a yearly 4 billion dollar tax break.

      October 29, 2011 at 1:47 am |
  36. McCain-in-Four

    I'm not "boycotting" Exxon,but after their CEO publicly stated that I shouldn't buy their product if I want prices to drop, I took his good advice. Haven't seen the drop yet.

    October 28, 2011 at 7:59 pm |
  37. Liza

    I'm no fan of Donald Trump, but he is 100% right on this one. It's totally insane. Shouldn't companies like this be contributing taxes to society?

    October 28, 2011 at 7:59 pm |
  38. Kat

    Government of the People by Big Business and for Big Business strikes again. Business as usual....

    October 28, 2011 at 7:57 pm |
  39. rightospeak

    Obviously , they should not be subsidized , Wolf. As someone once told me long time ago , justice is what we like , injustice is what we dislike -and that is about it. It probably has something to do with their election compain contributions – a wild guess. I and my friends can not hope to out do them ,so we get our SS with rigged COLA increases. If we could match the oil company's contributions , I am sure , our COLA increases would be much closer to REAL inflatuion figures.

    October 28, 2011 at 7:53 pm |
    • Lasma

      The oil company or the gvnnromeet who has the capability to do something should provide proper PPE, like respirators, gloves that reaches to elbows, long rubber boots and proper attire to fishermen to protect their healths and lives. The fishermen know nothing about dangers of chemicals and have no knowledge of using safety equipment. They should be more responsible to provide a crash course for the fishermen to educate them on how to protect themselves better. These fishermen are doing their best to clear up the spill.The sea is their livelihood and probably they too have families to care for. They are just helping out so that they can go back to doing their original activities. Is the the blaming game being played. Pushing the mess around, but no one is really taking up the responsibility.

      March 3, 2012 at 2:38 pm |
  40. Kevin

    Wolf, also consider the previous administration. Bush and Cheney are big oil men and their energy policy was focused on benefitting big oil. We're these companies subsidized during the Clinton administration?

    October 28, 2011 at 7:42 pm |
    • rob

      They continued to be subsidized during the Obama administration. Even with large majorities in the House and Senate the Democrats did nothing about this when they had the chance.

      October 28, 2011 at 10:18 pm |
  41. Amunaka

    Sad in this day and age..."$4 billion may not seem like a lot."

    October 28, 2011 at 7:37 pm |
  42. dudley0415

    One of the top-five most profitable companies on the planet gets SUBSIDIZED?

    OK, this is a job for Occupy. Maybe the first one any of those has ever had.

    October 28, 2011 at 7:36 pm |
  43. changeneeded

    @ FedUp: I understand your sentiments, but in defense of the President (which I dont do much) he's had the tax breaks for oil companies on the chopping block for months, but he's been blocked by Congress because his opponents say it will kill jobs. I entirely understand your reaction towars Exxon though. It took years for them to compensate anyone because they had the cases tied up in the courts. Those affected by the spill never recovered.

    October 28, 2011 at 7:34 pm |
  44. Jay

    Forbes made it difficult to find, at their website, their list of the Top Paid CEO's. Search for Forbes 400. At website on right side, click LISTS. Scroll 1/4 way down, on right side under PEOPLE, click +5more. Finally, click TOP EARNING CEO's.

    October 28, 2011 at 7:32 pm |
  45. Bert

    I'm in the wrong business, I should apply for subsidies and invest it in safe and steady growth stocks and then donate the money to the government politicians to get my way next year and I don't have to work another day for the rest of my life.

    October 28, 2011 at 7:31 pm |
  46. Pat

    The answer is simple, Wolf. It's becaused we're nothing but a banana republic. We allow oil companies to buy off politicians who give them favors in return. The only reform will come from an armed revolution.

    October 28, 2011 at 7:28 pm |
  47. us1776

    Exxon-Mobil is subsidized b/c the GOP likes their campaign contributions which essentially are in trade for this subsidy.

    .

    October 28, 2011 at 7:28 pm |
  48. Don Swenson

    50 years ago my father told me Standard Oil of NJ (later Exxon, predecessor to Exxon-Mobil) did not need the oil depletion allowance they were receiving. Lest you think "what the Hell did he know", he was the Executive Compensation Advisor for the company. He reported directly to the board of directors & was responsible for setting the salary parameters of all positions below the board.

    October 28, 2011 at 7:27 pm |
    • ThinkAgain

      Excellent point – and sadly, I'm not surprised this was the practice. It all comes down to greed.

      October 29, 2011 at 1:35 pm |
  49. Jay

    The reason to use the Forbes method of compensation is because it's the most complete compensation calculation of the top paid CEOs and the 400 richest Americans, and is embraced by the American proud 2% wealthiest business community. The reason it's best not to talk about wages is because the 2% wealthiest are not necessarily paid wages, for a well known example, Warren Buffet. Always talk about worker COMPENSATION.

    October 28, 2011 at 7:25 pm |
  50. John

    Oil companies are not the only large corporations that don't pay taxes. I would like Trump to explain what he means by, " Cahoots with our enemy...." Kind strong language. We all know oil companies have been operating like this for years. It is just standing out now that our country is in a huge financial mess.

    Just my thoughts,

    John

    October 28, 2011 at 7:25 pm |
  51. Brett

    It's about incentivizing innovation. We protect innovation with copyrights, patents, and trademarks. We encourage innovation by giving tax benefits to individuals who engage in innovative activities, such as investment (or oil exploration). These mechanisms are all designed to discriminate against everyone but the innovator (a fact that the non-innovators are very much aware of).

    The specific deductions oil companies are allowed 1. encourage exploration; 2. incentivize sucking up every drop of oil from a well (rather than only going for the easy oil); and 3. encourage domestic production instead of overseas production. Most importantly, these deductions cause more oil to come to market. Oil is energy. And energy is everything.

    Brett (South Pasadena, CA)

    October 28, 2011 at 7:24 pm |
1 2

Post a comment

You must be logged in to post a comment.