The Oil Subsidies Charade

sleight-of-hand President Zerobama and the green establishment are teaming up to push the notion that federal tax breaks for oil companies are at the heart of our mounting energy problems. The claim is that eliminating $4 billion dollars in special tax write-offs for petroleum corporations will somehow allow “alternative” energy production to gain an equal footing and, thereby, yield viable new energy supplies that can replace present flows.

It would be hard to find a more ridiculous piece of demagogy than this, even in our age of truly shameless counterfactual lies.

The main lie here is the ulterior one: the implication that “clean energy” is just waiting to burst forth, if only we would give it a chance. The reality, of course, is that all the “alternatives” being pushed are: a) already being heavily subsidized by the public; b) old; and c) hopeless.

It’s also hugely silly, of course, to pretend that ending a $4 billion tax loophole is a serious act in the scale of things. Not only would the subject corporations be exceedingly likely to find new ways to favorably re-shift their already loophole-riddled tax bills, but Exxon alone reports official profits of $9.25 billion for just the fourth quarter of 2010.

As the supposed progressives waste everybody’s time with such magical thinking, the oil corporations are preparing themselves and their shareholders for maintaining their privileges as host societies plunge into a future of extraordinary misery.

With a left like this, who needs the right?