Howard Richman & Raymond Richman make points about the propaganda fueling climate change fears, and offer some reasons to not worry. I’ll suggest that cold kills, warmer is better. There is no increase in extreme weather. There is an increase in media coverage and popular reporting with cell phones and youtube. (See Anthony Watts repeated posts proving such at WattsUpWithThat.com.) The Richmans make a good point about the President’s rhetoric related to oil companies not paying enough taxes. That is bogus!
President Obama is staking his re-election campaign upon the opinion polls. His administration is suppressing fossil fuel production and development. On March 27, Obama’s Environmental Protection Agency (EPA) limited carbon dioxide emissions from new power plants to 1,000 pounds per megawatt-hour. This rule prevents the building of the lowest-cost producers of electricity: coal-fired power plants. It will raise the price of electricity for American households and businesses.
Then, on March 29, Obama moved to reduce domestic drilling for oil by calling on Congress to end $4 billion in “taxpayer giveaways” to the oil industry and instead to double down on investments in clean energy industries “that have never been more promising.”
Dr. Bernard Weinstein, associate director of the Maguire Energy Institute at Southern Methodist University, in an op-ed in the New York Post, stated that oil companies enjoy no benefits not available to other businesses. They are permitted to expense prospecting and drilling costs during the year those costs are incurred. Weinstein estimates that these deductions amount to $2.8 billion, while wind and solar plants enjoy real subsidies not available to other businesses amounting to $12.5 billion per year — and this does not include state subsidies.
Oil and natural gas companies used to enjoy percentage depletion allowances as their form of depreciation, but those are now denied to the large oil companies. Moreover, when the wells they dig prove unproductive, they can use their losses only to offset gains from their productive wells.
Oil and natural gas companies pay more taxes to federal and state governments than does any other sector of the economy. According to the federal Energy Information Administration, as reported in the Wall St…