|
|
Crossposted from Curious Capitalist You can practically set your watch by it. As petroleum prices soar—and with them, oil company profits and pain at the gas pump—sooner or later members of Congress will haul Big Oil executives into a hearing and Demand That Something Be Done. It happened in 2008, the last time oil prices [...]
With major oil players enjoying eye-popping profits on the back of high gas prices, there’s a growing political push to eliminate tax incentives for the petroleum industry. Senate Democrats and President Obama are behind a plan to strips billions in subsidies for the five biggest oil companies, with the money going either to clean energy, [...]
Speaking at George Washington University today on the nation’s finances, President Obama drew a line in the sand, promising to protect Medicare and Medicaid from Republican budget cuts. But at the same time, Obama didn’t play down the severity of the country’s debt woes, pledging to cut a combined $4 trillion from the U.S. budget [...]
