This is a major point by Levin tonight that the 4 billion in subsidies (or tax breaks) that Obama claims shouldn’t go to big oil, in fact doesn’t go to them anyway. According to Democrat Martin Frost this tax break for big oil was repealed 36 years ago:
I’m a supporter of the President’s. I’m concerned that he’s going to lose credibility on this oil and gas issue because he’s not telling the truth entirely. What he is saying is that you need to eliminate four billion dollars worth of tax breaks for major oil companies because major oil companies have obscene profits. The problem with this is that one of the big tax breaks that he’s citing -intangible drilling costs- excuse me -percentage depletion- was repealed by Congress, excuse me, in 1975, 36 years ago, as it affects major oil companies. The only ones that get percentage depletion anymore are domestic independents who drill most of the wells in the United States and employ four million people.
Levin only played the audio of Mark Frost in the clip below so I sent him Palin’s own words from a recent interview where she is saying pretty much the exact same thing:
“You have to remember that President Obama – and I’m going to say this with all due respect to the office of the Presidency – he doesn’t know what he’s doing when it comes to energy. He does not know, as I just pointed out, that the four billion dollars that he thinks he’s gonna stick it to Exxon, BP, Conaco-Phillips that no, it’s going to be the independent producers, the explorers that we want out there creating jobs that are going to be hit with an end of subsidy. So we really have to take a hard look at that.”
Levin says he is tired of being lied to by the media, noting that Palin has even corrected Obama on this issue and yet they won’t cover it.
Also note that both PalinTV and The Right Scoop got some h/t love by the Great One!