US Treasury secretary attacks oil, gas tax breaks

To the risk of sounding unpopular and tedious, I’ll repeat myself. In my opinion this is another populist stunt.

Oil companies make indecent profits. So what! Anyone ever stop to think why that may be so? We don’t want no stinking cars; we want SUVs. We don’t just want steak, we want filet steak and lots of it. We want to travel to exotic locations for our holidays not once, not twice but three or maybe even four times a year. And why not! We are overworked and stressed. We deserve our exotic vacations don’t we.

But guess what. Oil is a commodity that doesn’t come cheap. It costs several hundred million Dollars to locate; it costs several dozen billions more to extract and convey and several dozen billions more to refine and distribute. And yet the final product costs less than Coca Cola.

And we blame oil companies for turning a profit? If anyone should be blamed, it should be the person you see in the mirror.

So the issue is that oil companies enjoy tax breaks. I agree; it is wrong. But no more wrong than how our leaders are pandering to the banks or giving them trillions upon trillions of our own money with barely any strings attached.

We suck!!

http://http://in.reuters.com/article/oilRpt/idINN0454844120090304

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