Obama Calls For Rolling Back Oil Company Tax Breaks To Net Billions For Alternative Energy

WASHINGTON (AP) -- President Barack Obama says it's time to roll back "billions of dollars in tax breaks" for oil companies and use the money for clean energy research and development.

Obama made the comments Wednesday in prepared remarks for a speech at Carnegie Mellon University in Pittsburgh.

He said the catastrophic Gulf oil spill shows the country must move toward clean energy by embracing energy efficiency, tapping natural gas and nuclear power and eliminating tax breaks for big oil.

Obama said that the Gulf spill "may prove to be a result of human error -- or corporations taking dangerous shortcuts that compromised safety" -- but that deepwater drilling is inherently risky and America cannot rely solely on fossil fuels.

Comments

[esquilax]

10:06 PM on 07/06/2010

Tax breaks for highly profitable companies that go ahead and use that advantage to crowd out alternates is ANTI-COMPETITIVE (anti-trust I think you call it).

Why hasn't it be dealt with by the courts - why rely on the political class to deal with it? (They can't/won't).

[Steve1]

08:46 PM on 06/12/2010

If he actually follows through on this I'll be surprised. I'd like to see him do so, though all I hear and read now are words and little leadership.

[SoreBird]

12:40 PM on 06/06/2010

Build Baby Build and create the next industrial revolution. Give our businesses the ($$$) green light ($$$) to move forward, towards a cleaner and secure American built and American supplied energy future. A policy of; Cut taxes 100% on all alternative energy infrastructure, equipment, labor, retrofits, power sales and purchases. Cut utility regulation of alternative sources of power, allowing small companies to sell electricity produced from alternative energy sources and excess power. Cut Taxes 100% for the purchase of low mileage, electric, and hybrid vehicles. Cut taxes at the pump for low mileage and hybrid vehicles by installing a computer chip in every vehicle, a chip that communicates with the gas pump and adjust the taxes charged. Stop promoting EVs and concentrate on Hybrids, HEVs get a realistic gas miliage and are cheaper to mass produce. Get Big Government solutions off the table and allow the private sector to Build Baby Build, creating a new industrial revolution in it's wake. Natural Gas (NG) is plentiful, almost as cheap as coal, cleaner than coal or oil. We should be moving our buses and truck fleets to NG, with tax cuts for HEVs. Efficiency and a smart grid, nuclear, hydro, Wave, wind, solar, bio, geo, landfill, waste water, farm waste, fuel cells, methane, grease, microturbines, coal gassification ... REALITY TECH IS HERE, ABUNDANT and ready to capture, American, renewable fuel sources.
http://push.pickensplan.com/forum/topics/microturbines-an-ae?commentId=2187034%3AComment%3A2186091

[SoreBird]

12:39 PM on 06/06/2010

It's about time to cut ALL big government corporate welfare programs, big oil, ethanol, all of the government selected future-tech subsidies, like Al Gore Auto (Fisker) and Southern Company nuclear lobby, among thousands of other corrupt "green job" scams.

[hammerspark]

04:37 PM on 06/04/2010

He obviously has no idea, having been GIVEN every dollar he has, what a corporation is; if the stock-holders don't get paid, then they will sell, the value will plummit, and BP will declare bankruptcy. Who pays for clean-up then? Brilliant leadership. Proof that government is an incompetant cluster-f**k. Anarchy!

[research]

05:53 PM on 06/05/2010

Death penalty for BP corporate person. good idea.

Extract the money from the liquidation of BP assets and criminal fines against the complicit management.

Plutocracy or democrat republic, choose.

If you want anarchy, move to Somalia.

[hammerspark]

01:47 PM on 06/08/2010

touche! Long live the republic!

[Steve1]

08:54 PM on 06/12/2010

Yes, I told this person (I'm guessing angry white male) the same thing when he espoused anarchy on past post...I told him to move to Somalia...how's that working out over there.

[Steve1]

08:52 PM on 06/12/2010

Why do you read this site if you're an anarchist? Are you implying Obama never had a job? Or are they just jobs you don't consider "real" jobs? Is being a professor not a job?

I've owned a number of business and worked for large corporations as well and your little diatribe above is...well...Did you see the first 30 minutes of the movie "The Hangover" when Jake was descirbing a person with mental disabilities? :)

BP's stock is already plummeting...not "plummit"....that's how markets work when companies screw up; they lose value.

You're no anarchist, you're a TeaBagger!

[hammerspark]

12:45 PM on 06/14/2010

I read and participate for the sake of DIALOGUE and the EXCHANGE of ideas, not for the sake of a circle-jerk where everyone agrees.

I enjoy the baiting and resultant discussion with National Review types as well.

The anarchy comment was comparative.

Flame away. That's just the Taste's Great! Less Filling! behavior exibited by Congress that has gotten us where we are now - and all we get is Bud Light. Cheers.

[hammerspark]

04:31 PM on 06/04/2010

What a f**king idiot! Drive down their stock, force them into bankruptcy, then see what they pay for.

[Steve1]

08:55 PM on 06/12/2010

No, you're worse than an idiot. Your a fool that doesn't realize he/she is a fool. Go away.

[boston997]

01:56 PM on 06/04/2010

Didn't Pres. Carter try something similar?
And everyone fought him, and he only lasted 1 term as Pres.
Wait a minute, YES, YES, Pres Obama, please move forward with your plan.

[getsit]

02:34 PM on 06/04/2010

Carter tried a lot of things to bring this country more independence from the middle east. He was a forward long term thinker. We don't have politicians who can think past today and how much money they can get for their votes. During his administration we were waiting in line to get gas because of our dependence on the middle east. We should have started, THEN, working on energy efficiency. For awhile the cars got smaller and more efficient. It didn't last long until the big gas hogs came back.

When looking at what Carter has contributed to this world since his birth we know what a really good man he is. He is rich. He and his wife live modestly and give much of their money away. They have devoted their lives to helping others.

Then we can look at Bush's and Cheney's contribution-it is currently destroying the Gulf of Mexico, 2 useless high cost wars (one for oil), Katrina, 911, tax cuts for the rich, deregulation for the oil corps and other corps, tax cuts for the rich. Certainly very little to help the middleclass and the poor.

[cliffstep]

03:54 PM on 06/04/2010

Don't forget the magically disappearing electric car.

When we get more than 60 senators - I believe we will - it's time to tear open the tax codes. Without apology , raise the corporate tax rate. Reduce/eliminate subsidies that aren't actually beneficial. Raise the marginal tax rate in the top brackets.
Also , without apology , bring the troops home. Close most or all WWII - era bases. End weapons systems that we don't need.
We also need a new Manhattan Project: new fuels , new power plants for vehicles.

[Brian Rogiers]

01:01 AM on 06/14/2010

"Carter tried a lot of things to bring this country more independence from the middle east. He was a forward long term thinker."


Mmmm, thats good revisionism......

[patman77]

12:44 PM on 06/04/2010

SIGN IT BOSSMAN. Have it in action by monday morning. If the neocons get in the way gimme a call and I will alert the green lantern, batman and hosanna on the highest to watch yo' back.

[getsit]

12:36 PM on 06/04/2010

We SHOULD roll back tax breaks and not just for big oil. Corporations have the rest of us over a barrel. Financial corporations make billions and pay next to nothing in taxes while bringing this country to it's knees. Health insurance corporations don't provide health coverage-just rake in the premiums while we pay high deductibles and copays for fewer benefits. Corporations operate in this country but have post office boxes in other countries so they don't have to pay taxes. If they operate here, they should have to pay taxes.

And "unearned income" should be taxed higher than "earned" income. We who go out and work everyday, sometimes 2 or 3 jobs to make a living, should not be supporting non workers living in the lap of luxury. Even being taxed these people would still be rich.

[ReedYoung]

02:13 AM on 06/05/2010

After $10 or $100 million, it's all just bragging rights anyway. There should be a 100% tax bracket for the Gateses, Kochs and Madoffs of the world.

[SecondTime]

11:43 AM on 06/04/2010

This is called 'shooting ourselves in the feet in order to make good our escape from the current situation'.

[AnnC0725]

08:53 AM on 06/04/2010

Is that what Obama said to the Getty's of Getty OIL last week when he was at their home for a campaign fundraiser..I doubt it..he is full of bull.

[patman77]

12:46 PM on 06/04/2010

actually he did say that. i would'nt think to hard your t-bag might get oversoaked.

[Steve1]

08:56 PM on 06/12/2010

Good one! Fanned

[getsit]

01:20 PM on 06/04/2010

With teabags flashing before your eyes, I know it must be pretty hard to see clearly.

[JLivermore]

07:31 AM on 06/04/2010

All that hard work Cheny did when he was Vice President for 8 years? Are you serious? Dick Cheny worked night and day vigorously, making Big Oil his number-one priority to cut costs by removing safety measures, and creating tax relief legislation, and let's not forget scheming new military engagements that insured no-bid contracts for Haliburtan.

Cheny was a very busy VP, so busy we never saw or heard from him during those 8 years. And now Obama wants to begin to undo a very small part of Cheny's legacy?

Cheny 'the Invisible Man' has been silent during the Gulf disaster. Will he come out of hiding for Obama's tax rollback initiative?

[Asmodeus]

05:48 AM on 06/04/2010

LOL! Ya-right. I'll believe it when I bloody well see it. Like upholding the rule of law, a good universal health care plan, regulation of Wall Street, etc., etc., etc..

If he actually manages to get it done, it would be the first proper handling of a real problem since taking office. And don't point to the economy. He and his party have failed UTTERLY to take measures that would prevent another collapse, even though they had every chance, even in the face of Repugnican idiocy. Or for that matter even penalized the Banksters that caused it all. (And I'll bet the Banksters are OVERJOYED that the heat and attention is off of them now.)

[Scent]

04:13 AM on 06/04/2010

What we need is what corporations and corporate owned media call socailism:

Making the parasites that pay no taxes but make billions on trading in the US PAY TAXES!

Making criminals not pay fines but GO TO JAIL. - and if their cirmes are bigger than what I WOULD go to jail for then they need to have everything they own taken away and their life spent behind bars till they die.

The cutting back of tax breaks will do nothing to improve the situation and is only designed to make us feel better about being the victims of crime the cleaning up of which we then pay.

[getsit]

01:26 PM on 06/04/2010

There IS socialism, but for the rich and corporations. All kinds of subsidies, tax breaks, the ability to operate from a post office box on the Cayman Islands so no paid taxes at all. 15% tax on BILLIONS must really hurt them (or more like no taxes).

The socialism claim is a smoke screen to convince those who have been conditioned to be afraid of "communism" that the country is being taken over. Like sheep to the slaughter-know nothing, don't want to know anything. Fear is a powerful motivator and the right knows how to use it effectively.

[WaveRhydr]

12:15 AM on 06/04/2010

The only thing remarkable about rolling back big oil tax cuts is that it hasnt already been done. Roll back, baby roll back