Gas Prices Up For 35 Straight Days

Barack Obama knows gas pump prices have climbed for 35 straight days.  Industry surveys show Americans have started to drive less.  Gas prices average $3.87 a gallon.  Obama's fix for high gas prices is to tax oil companies more.

Gas prices average $1.00 more than a year ago.  They've risen 32.2 cents per gallon since March 22 and are averaging above $4 per gallon in California, New York, Michigan, Illinois, Connecticut, Washington D.C., Alaska and Hawaii.

Experts say prices should keep rising for the next few weeks before weaker consumer demand forces prices to drop. "We're going to see prices keep bumping up for three, maybe four weeks," energy analyst Jim Ritterbusch said. Eventually less travel will take its toll, Ritterbusch said.

With all of this happening Obama has decided that oil companies need to pay more taxes.  He is demagoging oil companies like he does rich people.

 Specifically, Obama is seeking to repeal the “percentage depletion” and “intangible drilling costs (IDCs)” tax incentives. The removal of these provisions would negatively affect domestic independents who utilize them to attract the capital necessary to drill new oil and gas wells inside the United States.

It is estimated that eliminating percentage depletion and IDCs for domestic independents would reduce U.S. drilling by 30% to 40%, thereby increasing the nation’s dependence energy from foreign sources. Furthermore, the major oil companies are barred by law from receiving percentage depletion altogether, as it only is given to domestic independent producers. The IDC preference is only available for domestic drilling activity, and as the major oil companies drill primarily outside the U.S., the domestic independent sector of the industry will yet again bear the brunt of losing this critical provision.

Democrat Congressman Dan Boren explains why doing so would drive up the cost of oil production, make us more dependent on foreign oil, and — and by the way — points out that getting rid of these would not affect Exxon, Shell, BP, Phillips-Conoco, etc. in the least little bit.

Obama is again attacking American businesses.  His goal of higher gas prices and hurting the American economy is evident.  Eliminating these tax breaks only hurt small American businesses.

Oil companies like all businesses don't pay taxes.  You pay those taxes with higher prices on the products you buy.

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