re: #18 jaunte

The Senate has blocked a bill to repeal about $2 billion a year in tax breaks for the five biggest oil companies, a Democratic measure meant to respond to huge industry profits and $4-a-gallon gas prices.

The problem is, it’s a lie, that talking point about “huge oil profits”. The oil industry makes money, true. But so do a lot of industries. Relative to their expenses and capital investment, oil companies make no better than average profits. One simple and easily checked point of evidence is that the oil industry does not enjoy unusual price-earnings ratios.

If that’s too much, then the rest of industry should also be forced to disgorge its “huge profits”.

The Obama administration should be ashamed of having demagogued the “speculators” and the oil industry, with half-truth-styled lies.