“We have subsidized oil companies for a century. We want to encourage production of oil and gas, and make sure that wherever we’ve got American resources, we are tapping into them. But they don’t need an additional incentive when gas is $3.75 a gallon, when oil is $1.20 a barrel, $1.25 a barrel. They don’t need additional incentives. They are doing fine.”
Just bask int eh epic ignorance.
As I say at the link:
Note in the President’s comments on the evils of oil profits he doesn’t mention how a good part of that $3.75 a gallon is due to taxes. I guess profiting on a commodity is only bad if it’s done by the private sector.
Also I get the sense that Obama has absolutely no idea how oil is turned into gasoline. Does he really think that the oil is just divided up from barrels into gallons or that distillation, processing, shipping and storage all come with costs? Is he really that ignorant on how things work?
Given that he can’t even get within two, TWO!, orders of magnitude on how much a barrel of oil costs… maybe he is.
Utterly shameless. Course this is also the man that takes the credit for the very pipeline he's repeatedly blocked.
Crazy times are here.