In recent weeks, President Obama has ratcheted up his attacks on oil companies. The president says the so-called gas and oil subsidies do nothing to bring down gas prices. Lou Dobbs, host of Lou Dobbs Tonight on the Fox Business Network, says that “the truth of the matter is that the oil industry is subsidizing the government that this president is leading.”
Lou says big oil doesn’t need the tax breaks they currently get. But taking politics out of it, if we eliminate big oil tax breaks then we really should eliminate similar tax benefits to other industries as well.
He said that Exxon Mobile, the largest of the oil companies, made $41 billion in profit but paid more than $12 billion in taxes. Dobbs suggested that instead the president should go after General Electric, which is “led by his friend Jeffrey Immelt, which avoided all taxes to the federal government last year.”