President Obama’s silver lining in the Benghazi, NSA, and IRS scandals cloud is that he’s sneaking through a budget plan that could negatively affect American gas prices and jobs, without having to defend it to the public.
His budget eliminates key measures that enable our energy companies to compete in the global economy. For example, he changes the longstanding “dual capacity” rule. As a result, U.S. oil companies drilling in foreign territory will be double- taxed, having to pay taxes to both foreign governments and the U.S. government.
Our companies won’t be able to compete on that unfair basis, and we will lose jobs as foreign producers gain the advantage.
Also we risk becoming even more dependent on the same foreign oil interests who are free to participate in oil cartels, which drive up gas prices.
If that’s not enough, Obama still plans to waste taxpayer dollars to prop up more embarrassing “Solyndras.” Green energy is important, but we will benefit most when we let capital markets choose viable businesses to back.
We need to quit harming the American oil and gas industry, and focus our efforts on tapping resources that we already have here in the U.S., and those we control abroad.
This would help reduce gas prices for consumers, maintain our independence, and create American jobs.