Not on the Same Page as the President Here…
In President Obama’s weekly address, one of the solutions he proposes to lower gasoline prices is:
…to finally end the $4 billion in taxpayer subsidies we give to the oil and gas companies each year.
If you take away the subsidies from oil and gas companies, then wouldn’t they respond by increasing prices to make up for the lost revenue? There’s good moral and pragmatic reasons to raise taxes on oil and gas companies, but lowering the price of gasoline in the short-term isn’t really one of them. Am I missing something?
Here’s the video:
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