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 According to Democrat Martin Frost this tax break for big oil was repealed 36 years ago: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is that one of the big tax breaks that he’s citing -intangible drilling costs- excuse me -percentage depletion- was repealed by Congress, excuse me, in 1975, 36 years ago, as it affects major oil companies.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.

Enjoy!

Also note that both PalinTV and The Right Scoop got some h/t love by the Great One!




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19 comments
zytekfan
zytekfan

If Palin doesn't run for President, she'd be a great Secretary of Interior! (say that because the Dept. of Energy should be done away with)

RebinTexas
RebinTexas

Sarah will run - If you follow all she is doing, saying, her positions and all - she is preparing to run........and I will do whatever I can to help her win.

Bruce Sherbow
Bruce Sherbow

I heard ML comment last night and was waiting for him to mention palin's comments from the previous day (or so) and he didn't. Glad you sent to him!

NickDeringer
NickDeringer

Just get together with some friends and start your own. Have faith in your own ability. If you build it they will come. The more we create the better. We need to get the truth out.

NickDeringer
NickDeringer

I do wish Fox News would hire Levin.

1. The MSM is not biased it is corrupt. They have colluded with the Left to mislead, endanger, and defraud the America people.

2. Conservatives need a media strategy to get the truth out. Obama opens his mouth and a swarm of flies starts buzzing around his head. We can beat Obama if we can communicate the truth to the American people. Billboards? Blimps? People walking down the street with sandwich sings? We need a strategy.

3. We need to get off our butts and start talking to our friends and families about this. I have downloaded Beck documentaries and put them on DVD to hand out to friends. Yes. Beck encourages it!!! Thank God for sites like Right Scoop where I can send people to see and hear the stuff for themselves.

Ira Thurby-Wright
Ira Thurby-Wright

"I do wish Fox News would hire Levin."

I don't know about hiring the "Great One", but he should show up as a guest once in a while. I'm surprised that O'Hannity doesn't have him on every now and then. Levin seems to have an aversion to television appearances, so before I knew what he looked like, I thought he was this puny short guy because of his nasal accent. He's no beauty, but he is still a lot easier on the eyes than Alan Colmes or Don Imus.

Actually, the guy I have a hard time with is Donald Trump, and though I fancy myself as being fair minded, objective, not quick to judge, there's something about his rug that really distracts from the sobriety of anything he has to say. I'm trying to figure out if it's a comb-over or bad plugs because there's not enough there to look natural, but just enough to cover something bad up, if you know what I mean.

NickDeringer
NickDeringer

Levin will never replace Meghan Kelly. True.

Ira Thurby-Wright
Ira Thurby-Wright

"Ethanol not only causes inflation for energy"

I haven't verified the number, but I heard 1 litre of Corn based Ethanol requires the (calorimetric) equivalent of 1.29 litres of fossil fuels. It's not just hurting us at the pump to dump Ethanol into our fuel, but it's (to quote Obama) "acting stupidly" against the environment. The Sierra Club is so silent on this issue it's deafening, but get within a mile of the current habitat of some esoteric sub-species of a frog and they go nuts selling calendars* paying for lobbyists to interfere with responsible economic development project.

* Just a personal anecdote, I used to buy Sierra Club calendars each year because I liked the photos. I guess the next step of reform is to get rid of my Che T-Shirts.

Tyler
Tyler

Yep. Both of you guys reiterated my point. I saw Stossel's special about this and both of these things were explained pretty well.

TeaPartyPatriot4ever
TeaPartyPatriot4ever

Gov. Palin has more expertise, experience, and knowledge about the Oil Industry, and Energy, than Obama has, or will ever have, period.!!!

And while the US Military and the CIA, are doing their jobs to Secure America, what has Obama been doing.. he has been, and still is, destroying the US Economy, the US Dollar, and thus America and All American personal wealth, which he is stealing and plundering daily.. to the point where even if we were all to get a thousand dollar increase in our paychecks every month, for those who still have jobs, it would be almost meaningless and worthless, as Obama's devaluing of the US Dollar, via his Anti-Business, Anti-Capitalist Policies, and imposing of more and more higher taxes, in Obama's skyrocketing tax rates across the board, and his govt. suffocating, crippling, and debilitating Regulations and Policies, are causing everything to inflate in costs, and especially his restrictive moratorium, and denial of American Oil exploration and production, by American Oil companies, in Alaska and Texas, and off shore deep water, and shallow water drilling.. as oil effects the prices of many things, and this, along with Obama's Socialist-Marxist, Anti-Capitalist Business Policies and Restrictions, is causing inflation everywhere, and on everything, as the cost of everything, is rising x-dimensionally..

Just look up how much the value of the US Dollar has dropped in the last 2 years.. Americans are losing money, in value, everyday, that Obama continues his destruction of America.. This means what I have just stated, you are 20 % poorer today, that you were 2 years ago.. and that includes any raises you might have gotten.. and you will be more poorer tomorrow, than you are today.. and so on, and so forth.. This is the American downward cycle of the US Economy, and of the American Peoples personal wealth, in terms of not how much money you have in the bank, but how much value your dollars have lost since yesterday..

The value of money in the U.S. economy is measured by the value of the dollar. The dollar is valued in three ways. The first is against its value to other countries' currencies, through the exchange rate. This fluctuates daily. Second, the dollar's value is measured by Treasury notes, which can be converted easily into dollars, and are auctioned daily. Third, the dollar's value is measured by foreign currency reserves. This is the amount of dollars held by foreign governments. No matter how measured, the dollar's value has been declining thanks to a low Fed funds rate, a high Federal debt, and a slow-growth economy.:

When the dollar declines, it makes U.S. produced goods cheaper and more competitive when compared to foreign produced goods. This helps increase U.S. exports, boosting economic growth. However, it also leads to higher oil prices in the summer, since oil is priced in dollars. Whenever the dollar declines, oil producing countries raise the price of oil to maintain profit margins in their local currency.

For example, the dollar is worth 3.75 Saudi riyals. Let's say a barrel of oil is worth $100, which makes it worth 375 Saudi riyals. If the dollar declines 20% against the euro, two things happen. First, the value of a barrel of oil has declined 20% to the Saudis. Second, the value of the riyal, which is fixed to the dollar, has also declined 20% against the euro. To purchase French pastries, the Saudis must now pay more than they did before the dollar declined. To avoid this, the Saudis raise the price of oil, which they do by threatening to limit supply.

The growing U.S. debt weighs in the back of the minds of foreign investors. That's why they may continue to gradually move out of dollar-denominated investments - slowly, so they don't diminish the value of their existing holdings. The best protection for an individual investor is a well-diversified portfolio that includes foreign mutual funds.

Wake up People.. This is real, and is the Weimar Republic effect of Obama's Policies, and Spending Multi-Trillions of Dollars, and piling on the US National Debt and Deficit, at an astronomical, and unsustainable rate, and amount.. ... Have you seen the US Dollar exchange rate in the International Markets, compared to the other currencies.. It's unbelievable.. you would be in shock, as to where we were, and where we are headed,,

Only after the US Dollar is not worth the paper it is printed on, and America in economic ruins, will everyone wake up..

Tyler
Tyler

Actually, they do receive subsides from us...just not near the number touted and a much smaller percentage when compared to the alternative energy sources to even include ethanol (which in my opinion is the worst culprit of inflation/high prices of all other energy sources).

Jackyl
Jackyl

James, I did not know this. Thanks for getting this information out to people!

Ira Thurby-Wright
Ira Thurby-Wright

"Thanks for getting this information"

BTW, James has given good information here, and does dispel the misinformation in a nice simple way. There are loop-holes around depreciation for businesses of all sizes (Section 179 for small businesses - up to $20K now, isn't it; equipment leasing for large businesses).

But Republicans shouldn't be fighting for modified acceleration of depreciation for just the oil industry, but for every business, large or small, not just those favored with lobbyists. The tax laws shouldn't be for the sole purpose of revenue collection, but should be just and equitable, and what is just and equitable for one, must be just and equitable for all. To legislate otherwise is to make a monster out of the tax code, which is where we are today.

Wise up Conservatives!

(James, with this out of the way, why don't you turn your energy on the great Warren Buffet's fable about his secretary paying more taxes than he!)

Ira Thurby-Wright
Ira Thurby-Wright

"The United States oil and natural gas industry does not receive taxpayer-subsidized payments"

This is an opportunity for Conservatives to either win the argument wholesale, or get lost in it entirely.

• How to win the argument - simply stick to principles established in the Constitution. The Constitution, in its framing, never intended there to be any subsidies of ANY business or interest. Think about it, it's a reverse discrimination bill of attainder to single an industry for whatever reason (don't give me that "general welfare crap", the oil industry needs no corporate welfare, it just needs big government to get its big nose out of the way). You don't need to be an ivory tower economist to figure out that subsidies drive prices up with no societal benefit (I asked my fifth grade niece what would happen if I chipped in on the price of something and she rightly figured it would drive the price up).

• How to lose the argument - simply stick to party politics. "The president wants xyz so we are going to fight against it." Fortunately, we've got some sharper tools in the shed that stopped before talking and realized that the aforementioned tax breaks were not going to "Big Oil" before blindly opposing the Democrats. HOWEVER, other than fair application of tax laws, there should be no special breaks for the independent explorers either.

Solution I call it Political Jujutsu, use your opponent's inertia against him. Obama acts like Conservatives are pro-oil. We are NOT, we are pro-business, pro-entrepeneur, pro-liberty and if oil is any of those, we're for it, but inasmuch as it is not (e.g. copulating in the Boudoirs of Congress), then we're NOT for Big Oil. C'mon conservatives, we can't pick and choose who gets favored by an out-of-control government, NO ONE gets favored, NO ONE gets discriminated! If the Republicans simply let this one go, even put their political weight behind ending favored status of ANY industry, interest, or group, it will so take out the wind from Obama and the Democrats' sails they'll be left floundering.

Kudos to both Palin and Levin, but take it one step further, end ALL SUBSIDIES. Seize the opportunity to REALLY TRULY reduce the size and influence of government and don't get creamed in these partisan arguments we'll NEVER win.

RebinTexas
RebinTexas

Ira T-W You make some legitimate, good points. Yet, you need to remember we can only so much so fast. I have a suspicion that our Sarah has lots more plans in mind once she gets elected. Yet we have to stick to the basics of the economic problems, national security main issues, budget deficits for now. If we try presenting too much to the general population now, we could likely lose. I believe Sarah has a good balance on issues and demonstrates her intelligence, knowledge of the issues, and steel spine quite well.

Reb

NickDeringer
NickDeringer

Part of the solution.

Start having History Study groups in your home. They are like Bible studies except you choose a good history book or book that puts current events in historical perspective. Read a chapter or 2 a week. Get together with friends and family and discuss it. I am planning one for the fall.

How will they know the truth if we don't tell them?

Ira Thurby-Wright
Ira Thurby-Wright

"Perhaps you could meet with friends at the local coffee shop."

Oh, no, are you kidding, too much exposure to Caffeine and that stuff will kill you. I kid you not!

NickDeringer
NickDeringer

Perhaps you could meet with friends at the local coffee shop.

Ira Thurby-Wright
Ira Thurby-Wright

"Start having History Study groups in your home"

It's kind of a mess right now and the former tenants had this whole pharmaceuticals business going, what did they call it, "metha-something", I thought it would be minty smelling, but it's some gosh-awful stuff they were brewing, now there's an horrible mold or fungus growing up one of the walls...

But I digress, yes, a big part of the solution is getting the word out, mono-a-mono, but Conservatives (or in my case critical thinking libertarians - not to be confused with overly critical librarians) need to demand some clarity from current and future leadership and quite frankly (not to be confused with Frank Lee, the former tenant - the pharmacist) when guys like Trump, Huckabee, or McCain get up their and start spinning their liberal conservatism and ra, ra, ra (not to be confused with a triplet incantation to the Egyptian Sun God) go-party-go spiel, at the expense of getting trounced on issues, it makes me want to just give up.

The vapors (not to be confused with the 1980's pseudo punk rock band) are really starting to get to me, so I'm going to take a nap now.