Paul Ryan endorses cutting oil subsidies
House Budget Committee Chairman Paul Ryan endorsed ending subsidies for oil companies at a town hall meeting on Thursday, allowing Democrats to put more pressure on Republicans on the subject.
When one of Ryan's constituents at the Waterford, Wis., town hall said that federal oil subsidies should stop, Ryan responded, "sure."
"We're talking about reforming the safety net, the welfare system; we also want to get rid of corporate welfare," he said, as first reported by the liberal blog Think Progress. "And corporate welfare goes to agribusiness companies, energy companies, financial services companies, so we propose to repeal all that,"
Soon after Think Progress published video of the remarks, White House Press Secretary Jay Carney tweeted, "Positive sign: Rep. Ryan today called for eliminating oil & gas company subsidies that cost taxpayers $$$$"
He subsequently tweeted, "POTUS has long supported ending oil company subsidies and is encouraged by signs of GOP openness to the idea," including a link to the letter President Obama sent to leaders of Congress this week urging them to eliminate the subsidies.
A spokesperson for the House Budget committee said that Ryan and other GOP leaders have made clear they oppose raising taxes -- however, Ryan's proposed 2012 budget clearly states that as part of an overall corporate tax reform, tax loopholes and deductions for all corporations should be scaled back or eliminated entirely.
Still, Republicans have largely supported oil subsidies, saying the way to lower gas prices is to increase domestic production. Ending the subsidies, they've warned, could increase gas prices.
In response to the president's letter urging Congress to eliminate oil subsidies, House Speaker John Boehner's spokesperson said the president's proposal "would simply raise taxes and increase the price at the pump."
The president's letter, though, was in fact inspired by remarks Boehner made earlier this week. Boehner said in an interview that oil and gas companies are "gonna pay their fair share in taxes - and they should."
In a conference call with reporters on Wednesday, Senate Majority Leader Harry Reid vowed to bring the issue up for a vote in the Senate next month, while House Minority Leader Nancy Pelosi pressed Boehner to schedule a vote as well.
The oil and gas industry receives about $4 billion in subsidies per year, even as the industry continues to bring in profits. Oilfield services giant Halliburton announced earlier this month that its first quarter results set a company record of $5.3 billion in overall revenue.
After Exxon announced on Thursday nearly $11 billion in first quarter profits, the Democratic party sought to tie Republicans to oil companies.
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I do not however see this happening when Obama signs off on companies like GE, because they are major supporters of his.
WAY TO GO GOP!!!!!
Rep Paul Ryan (R-WI) has introduced emergency legislation in the House that will provide a $25 voucher to every person affected by these storms in the South. However, victims will not be able to file claims for loss/damage with their insurance provider. Cong. Ryan was quoted as saying, "This will go far to assist our fragile insurance industry during this difficult time. The $25 voucher should easily cover any loss of person, home and/or worldly possessions." When asked if he really felt that a mere $25 was sufficient to cover loss, Ryan replied, "Well look at it this was, it wasn't my house."
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Couldn't we just gift $97 Billion or so of tax payer money to the insurance companies with no strings attached? ...except that they have to return the favor, wink wink.
Why is it necessary to "subsidize" a company that made $11 BILLION in profits for the first quarter of this year.?
Think about it guys...JUST ONE DAY.!!
BTW Perry is a Republican. Could be why Obama is dragging his feet. If it were Illinois the aid would have been there before the fires.
Not true. If there was a supply issue, then maybe. But supplies have not changed. Its speculation because of what is happening in the middle east. Opening up more drilling would take years to realize any benefits, if there are any.
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Jim you are not too smart when it comes to speculation are you. Speculators are Speculating what is going to happen in down the road. So if speculators see a mass influx of supply coming down the road they will get to heck out of the market and the price of oil will drop like a rock.
You do realize the argument was made 4 years ago when oil spiked and if we hadn't listened to the liberal loons then and started drilling we would be seeing American oil flowing into the market today. But liberals are too stupid to think for themselves all they can do is listen to mindless babble of Ed Shultz who has been on this speculator kick since March. Problem is Ed and the rest of the liberal progressives are too stupid to understand that speculation is actually based on future supply and demand. Which opening drilling now would cause future supplies to outpace future demands which would lower the current price. Because speculators would SELL SELL SELL.
I say drill and keep drilling.
First off, the US only has 3% of the oil reserves...both confirmed an unconfirmed, yet we use 25% of the supply. That means that we can not drill our way out.
Number 2, oil is always traded based on future supply and demand, so why is it spiking now? What has changed? What has changed is unrest in the Middle East, not the long term supply. Any material that is primarily found outside of the US is suspect to political and international risk. Oil is no different.
Opening drilling now, will have zero effect because we don't have the oil, and world wide demand will go down as countries such as Brazil, China, India and the EU start moving off of oil (as Brazil has already done).
Number 3, domestic drilling today is at its highest level since 2003.
Try not to lecture when you have have no clue what you are talking about.
Number 2 would be corrected if we just started use our oil supplies. We would not be as effected by the middle east if we had our own oil supply.
I am just tired of hearing we won't have the oil now as I have said previously if we would have started drilling 4 years ago when oil spike we would already be seeing the benefits of our own oil.
You are technically correct with domestic drilling comment but all projections are that it is going to drop this year which is another reason for the spike.
"?Obama said domestic oil production last year was its highest since 2003. That's true - but U.S. oil production is projected to drop this year."
http://factcheck.org/2011/03/is-obama-to-blame-for-4-gasoline/
If liberals would quit trying to force us in to the green garbage that does work and isn't practical at this time we would have a chance at being energy independent from the middle east. I say keep developing alternative fuels but in mean time lets tap into all our resources because it'll be 20-30 years before any viable green energy can replace oil.
Brazil Oil - consumption
Oil - consumption: 2.46 million bbl/day (2009 est.)
Actually, they are using MORE than since 2003.
Rep Paul Ryan (R-WI) has introduced emergency legislation in the House that will provide a $25 voucher to every person affected by these storms in the South. However, victims will not be able to file claims for loss/damage with their insurance provider. Cong. Ryan was quoted as saying, "This will go far to assist our fragile insurance industry during this difficult time. The $25 voucher should easily cover any loss of person, home and/or worldly possessions." When asked if he really felt that a mere $25 was sufficient to cover loss, Ryan replied, "Well look at it this was, it wasn't my house."
The San Francisco Chronicle's White House pool reporter Carla Marinucci was not trying to make trouble when she pulled out a cell phone camera to tape protestors interrupting an Obama event in California. She was just doing her job. But because Marinucci is a "print pool" reporter, and because the White House hates to be embarrassed, Marinucci was kicked out of the pool after her cell video went viral.
Read more: http://dailycaller.com/2011/04/29/thedc-morning-tsa-agent-groped-the-wrong-hot-chick/#ixzz1KvePE6C5
You do realize the argument was made 4 years ago when oil spiked and if we hadn't listened to the liberal loons then and started drilling we would be seeing American oil flowing into the market today. But liberals are too stupid to think for themselves all they can do is listen to mindless babble of Ed Shultz who has been on this speculator kick since March. Problem is Ed and the rest of the liberal progressives are too stupid to understand that speculation is actually based on future supply and demand. Which opening drilling now would cause future supplies to outpace future demands which would lower the current price. Because speculators would SELL SELL SELL.
I say drill and keep drilling.