In response to:

President Obama is Working to Make Gasoline More Expensive

scott s. Wrote: Apr 14, 2012 7:55 PM
Your link says nothing. In fact, the "credit" under consideration in the Democrat's bill is called the "Dual Capacity Rule". This rule, in place since 1918, allows any US corporation a credit against it's corporate income tax for the amount of income taxes paid to a foreign country, so the company is not taxed twice on the same income. The Democrats claim that oil companies have negotiated with Saudi Arabia to change royalty tax payments into income tax payments on oil produced in that country by US taxpayer companies. It's unclear how much dollar impact the change would be, and which of the targeted "big five" would be hit. Note that most of these so-called "oil company subsidies" go to the small, independent producers.

President Obama and Senate Democrats need to take Lemonade Economics 101.

Tell a ten-year-old that the federal government is going to make him pay 25 cents for every glass of lemonade he sells at his corner stand, and he will say he’ll have to charge an extra quarter per serving – or simply close up shop. He certainly won’t say he’ll lower his prices.

But President Obama wants us to think he can compel oil companies to lower the skyrocketing pump price of gasoline, by eliminating business tax deductions for certain major companies, and raising their cost of...