So let me see if I have this right – President Obama’s budget proposes to increase taxes on oil and gas by $36.5 billion over the next ten years, while laying out even larger sums for more politically favored energy sources – especially wind and solar. And the reason advanced for this is that these “subsidies [sic] are costly to the American taxpayer and do little to incentivize production or reduce energy prices.”
Neither of the claims in this statement is true. In fact, they are the opposite of truth. The oil and gas industries are major sources of revenues for governments at all levels in the US, and production incentives have contributed to a stunning turnaround in the country’s natural gas supplies – with higher production and lower costs a major feature.…