Obama rips small oil companies for their $4B in tax relief, which is roughly the same amount he blew on the Chevy Volt

Friday, March 02, 2012

Coinkadink:

Just yesterday, President Obama called on Congress to end $4 billion in tax breaks for small oil and gas companies. How this is supposed to reduce skyrocketing gas prices is best left as an exercise for the demented.

Speaking before a crowd of 1,000 at Nashua Community College in New Hampshire, Obama defended his energy policies for the second time in as many weeks, saying there were “no quick fixes” to escalating prices at the pump.

But the president insisted that lawmakers should vote in the next few weeks to repeal oil industry’s $4 billion federal subsidies, a demand he has made several times over the past three years. Ending the “industry giveaway,” Obama argued, would spur the development of alternative energy sources that could offer long-term relief from rising gas prices.

Alternative energy sources like Solyndra?

Well, those several billions of dollars were blown by Obama in pursuit of a coal-powered car, which has turned out to be L'Failure Epique, as they say in France.

After Obama Blew $3 Billion on the Chevy Volt – GM Suspends Production & Lays Off 1,300 Workers

Barack Obama blew more money on the Chevy Volt than the entire annual GDP of Belize...

General Motors announced today that the company was suspending production of the Chevy Volt and 1,300 workers would be laid off... The Chevrolet Volt, an extended-range electric car, is both a political lightning rod and a symbol of the company’s technological capability... Chevrolet sold 1,023 Volts in the U.S. in February and has sold 1,626 so far this year.

Of course, GM actually owes taxpayers in excess of $25 billion, so the Volt subsidy is just a down payment.