oil prices....the bane of human existence, currently. Today, as a result of heated debate in my economics class, new facts have come to light. Well, at least for me.
1) Congress is proposing a "tax rebate" if you will for all who filed income tax this year. Why? To assuage our hurt feelings and wallets. The Democrats are proposing $500 and the Republicans $100 (which is odd, since the Republicans have the most seats up for the midterm re-election this year. wouldn't they want to be offering more?). But where is the money coming from? A-a windfall profit tax placed on the oil companies for thier excessive profits as of late or B-reallocating funds from our already over-streched budget or C-borrow money in the good faith that one day, it will be paid back. My teacher said this rebate venture will cost somewhere in the neighborhood of $20 billion. Pocket change, right? So what do you think?
2) The Bush Administration offered a tax incentive to large oil companies this year, on the grounds that they use the money to search for more oil. Apparently, their astronomical profits aren't enough to do this so Mr. President gave them even more money. How ridiculous is that?? Search for more oil? As if! Aside from the fact that they should not even be recieving any money from the federal government, why aren't they allocating it for research for say, alternative energy sources? If we are to be a truly capitalist society, why is the government giving them money in the first place? They should be taxing them! Not padding thier pockets!! You know where I see this going? Drilling in ANWR that's where. I am a firm believer in saving the environment. There's a helpful four-page map in this month's issue of National Geographic that clearly outlines why this would be an unneccessary venture. Three-fourths of the Alaskan North slope is already leased or available to be leased for oil development! But they have to go for the tiny corner, unavailable right now.
Obviously, this issue burns me up. Let me be clear and say that the price of gas to fill up my Volvo is not my issue. It's the FUTURE we need to think about. Where will we be, when all the oil is gone? What will we have accomplished?
So anyway, that's my rant for the day. Any solutions, let me know.
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