Did you know that Obama's budget includes new taxes and fees on the oil and natural gas industry? Because right now seems like a really great time to place more of a burden on our domestic markets. Meanwhile, Obama is going to increase funding for the Interior Department by $50 million in order to "assess alternative energy resources and bolster clean energy development." The truth is that this money will be spent to fight the expansion of any energy projects that don't pass the "alternative" test.
Basically, PrezBO's budget levies an excise tax on oil and natural gas from the Gulf of Mexico, which take $5.3 billion from oil and natural gas companies and put it into the hands of the imperial federal government. This 13% tax will apparently only be levied on companies currently not paying royalties due to a loophole. It also places $4 per acre annual fee on energy leases in the Gulf of Mexico. Other tax breaks include the manufacturing tax credit, enhanced oil recovery tax credit and marginal well tax credit.
What Obama is doing is using the power of government to squeeze the life out of the domestic oil and gas industry. And since it is unpopular to get oil from countries like Saudi Arabia or Venezuela, we will have no choice but to turn to green energy. He wants the transformation of America to alternate energy to be his legacy. It could turn into our economic epitaph.