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When you punish oil 'barons,' you hurt everyday Americans

by The Oklahoman Editorial Board Published: May 10, 2012

In other words, someone whose vote Obama probably got in 2008 and would like to get again. But the extent to which Obama's policies hurt oil companies will affect her future — and that of the grandchildren — as well.

Obama's anti-oil baron rhetoric is political pablum, something to be expected from a man who's never produced anything or made a payroll. Beyond the rhetoric is the policy. He proposes raising $41 billion over the next decade from tax increases on the oil and gas industry, more than any other industrial sector. He would repeal the domestic manufacturing deduction for the industry, while other industries could retain it. This flies in the face of his “all-of-the-above” energy policy and his celebration of American companies hiring Americans.

Another punitive target is the tax break for intangible drilling costs. The list goes on and on, a policy script heavily weighted against oil and gas and for “clean energy technology” that gave us Solyndra and other debacles.

“Dallas” seasons typically contained an episode featuring the annual oil barons ball, a fancy soiree at a posh hotel. In the real world, the Dallas Cowboys stadium in Arlington couldn't hold a fraction of the people who actually own oil and gas companies.

by The Oklahoman Editorial Board
The Oklahoman Editorial Board consists of Gary Pierson, President and CEO of The Oklahoma Publishing Company; Christopher P. Reen, president and publisher of The Oklahoman; Kelly Dyer Fry, editor and vice president of news; Christy Gaylord...
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