Contra-factual. Oil exploration has had tax subsid
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Posted On: 01/27/2018 11:03:19 AM
Contra-factual. Oil exploration has had tax subsidies for decades.
Every nascent industry is subsidized. Road building subsidized the auto industry. Railroads and land grant colleges....subsidized back in the day. And of course there still is, I think, a U.S. R&D budget.
Every nascent industry is subsidized. Road building subsidized the auto industry. Railroads and land grant colleges....subsidized back in the day. And of course there still is, I think, a U.S. R&D budget.
Quote:
Obama: Friend or foe of oil?
Energy experts argue Obama's policies overall have neither been a positive nor a negative for oil production.
Obama did place some restrictions on fracking, though he hasn't moved to ban the controversial tactic as Bernie Sanders and other environmentalists want. In fact, fracking now accounts for half of all U.S. oil output.
The White House did place a temporary moratorium on Gulf of Mexico drilling after the Deepwater Horizon disaster. However, drilling in the Gulf of Mexico has rebounded and is on track to break a record next year.
On the other hand, under Obama and the GOP-led Congress, the U.S. also removed the 40-year ban on crude oil exports, potentially allowing production to increase once prices rise.
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