Gasoline prices keep going up--and Obama finds a new arch villain

Gas station in Morton Grove, IL,
February 3, 2011

Have you checked the price of gasoline lately?

President Obama wants to eliminate what he is calling tax breaks for oil and oil companies, these include the Section 199 and dual capacity tax credits. Section 199 rewards companies for hiring workers, is available to all corporations--not just energy firms. And all U.S. corporations can benefit from the dual capacity credit--it prevents double taxation on income earned outside the country.

Echoing what he said during last week's State of the Union address, Obama declared in a speech this afternoon at Penn State University that oil and gas firms "are doing just fine on their own." It appears he has found a new arch villain; insurance companies and bankers can move to the back of the line. "It's time to stop subsidizing yesterday's energy," he added. "It's time to start investing in the future. That's what progress is."

Obama's "tomorrow's energy" is unproven green initiatives that failed in Spain.

On my way home from work tonight--in my car using what Obama calls "yesterday's energy," I drove past a gas station in Morton Grove selling regular at $3.49 a gallon.

Does Obama care about the price of gasoline?

And I'm fed up with Obama seeking out villains.

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