Tuesday, April 25, 2006

Bush Spouts Off About Oil

Bush to Halt Deposits to Oil Reserve - New York Times:
Noting that energy companies are posting record profits, the president called on them to invest more in additional refinery capacity and alternative energy sources. He also said some tax breaks enjoyed by the industry should be curtailed.

'I'm looking forward to Congress to take about $2 billion of those tax breaks out of the budget over a 10-year period of time,' he said.
Only $2 billion over 10 years? That's chump change for the oil companies. And just asking the oil companies to add capacity isn't going to make them do it. They manufactured this current situation in the first place by cutting capacity and reserves.
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