In my letter I said, "Mr. Krauthammer characterizes Obama's plan to achieve our green economy with 'tens of billions of dollars thrown around.' Is he aware that the government throws an overwhelming majority of its energy subsidies toward the oil industry, leaving renewables at the bottom of the barrel? So the money shouldn't be thrown around, but shifted from one area to the other."
According to a NYT article today, an examination of the American tax code indicates that oil production is among the most heavily subsidized businesses, with tax breaks available at virtually every stage of the exploration and extraction process.
It's hard to believe the most profitable businesses in America needs financial assistance, mainly because it doesn't. So a new tax is being considered on petroleum production to cleanup the spill now, according to the NYT article. I like this because it shows America doing something. America needs to make sure this disaster doesn't just receive its 15 minutes of fame. We need to refer back to this moment for the rest of our history. And refer to it as the time we got our act together.
For those who say it will cost too much to bring renewable energy technology into the market, I say it will cost too much to continue subsidizing an energy industry that endangers our national security, health standard of living, and can afford to do without the assistance. If Congress is smart, they will start reducing oil subsidies and increase renewable energy subsidies. When that happens I'll be glad to say I told you so.
-Brendan
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