The largest oil companies made $35 billion in profits in the first quarter of this year. They are on track to make a record $140 billion over the entire year. Their industry, the oil industry, receives special tax breaks of $2.1 billion a year.
In testimony before Congress this week, top executives of the largest oil companies were chided by some senators. They were told that were their industry’s tax breaks taken away, $2 billion a year less would have to be cut from health and other programs for the poor, the sick, the needy. This would still leave $138 billion in profits this year the industry might use to carry out its energy-boosting operations.
The response of these top executives? Their industry gets fewer tax breaks than some others, they said. And presumably, this being so, they should have more as a matter of equity.
This story will end next week when congress will vote on whether to take away the industry’s tax breaks. No one, absolutely no one inside or outside Washington, expects congress to do this.
There is nothing more to say about this situation. There is nothing to argue about. If the oil industry and congress believe this is the way to run this country, that these are the priorities to retain, we have reached a stage of governance and economics that is beyond greed, beyond belief, and sadly but clearly, beyond redemption.
More from this writer at http://blog.wallstreetpoet.com