Opinion

Tue, 2012-03-27 11:48Farron Cousins
Farron Cousins's picture

Beginning of The End for Big Oil’s Billion Dollar Subsidies?

Democratic Senator Bob Menendez (N.J.) has introduced legislation in the U.S. Senate to kill, once and for all, the billions of dollars worth of subsidies that are flowing from the federal government to the oil industry.

Under Menendez’s proposal, the $4 billion annual corporate welfare handed out to oil companies would instead be used to pay down the federal deficit and be re-invested into renewable energy technology.

Given the Republicans’ history of fighting for the oil industry and their subsidies, you would expect this bill to be dead on arrival. However, in an odd combination of arrogance and ignorance, Senate Republicans actually sided with Democrats in a vote to move the bill onto the floor for debate.

Republicans currently believe that any issue involving gas and oil is a home run for their party, so they’re banking on the issue actually helping them out, politically. Senate Minority Leader Mitch McConnell made the following statement about the issue:
  

“We’re going to use this opportunity to explain how out of touch Democrats are on high gas prices, and put a spotlight on the common-sense ideas Republicans have been urging for years – ideas that reflect our genuine commitment to the kind of all-of-the-above approach the President claims to support but doesn’t.”
 

McConnell’s comment demonstrates both the arrogance and ignorance of the Republican Party on the issue of gas prices.

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