Our weekly update to unravel the industry and political spin around the energy debate
IN CASE YOU MISSED IT
BIG OIL CAUCUS FLIP FLOPS ON SUBSIDIES
House Republicans blocked a vote to end subsidies on Thursday. Meanwhile, politicians continue to call for spending cuts out of one side of their mouth, while defending $4 billion per year in taxpayer subsidies to Big Oil out of the other. Check out what they are saying at C&BP.
BIG OIL EXPOSES THEIR OWN LIES
Yesterday, Fox News commentator Bill Baldwin said, “Gas prices are high for two reasons; number one, the Obama administration is chasing our oil drilling rigs from the Gulf of Mexico down to Brazil.” We can only assume Mr. Baldwin didn’t read the industry report in Friday’s Oil and Gas Journal reporting, “US drilling activity continued increasing…” The number of working drilling units increased to 1,836 from 1,492 at this time last year. Read the story.
BISHOP PLAYS UP OIL CONSPIRACY THEORIES
In what sounded like his own conspiracy theory, Rep. Rob Bishop (R-UT) denied the existence of oil subsidies during a convention. When prompted about the subsidies, he claimed it is part of a media conspiracy to fool the public. Think Progress has the video.
BIG BROTHER IS WATCHING CONGRESS
DeSmogBlog on Friday released an expansive report about the oil and gas industry’s overreach and influence in Congress. It is the first of its kind to connect the dots of the industry’s methods of peddling dirty policy and taking American taxpayers’ money. Brendan DeMelle explains at HuffPo.
DID YOU KNOW?
THE U.S. IS NOW AN OIL EXPORTING COUNTRY
Financial Times reported on May 2, “Energy department data show the world’s largest oil consumer in February shipped out 54,000 barrels more petroleum products each day than it purchased on the global market.” This puts former President George W. Bush’s comments on Good Morning America in an interesting light. “I would suggest Americans understand how supply and demand works. And if you restrict supplies of crude, the price of oil is going to go up and it affects gasoline.” Get the real story [subscription required].
COMING UP THIS WEEK
GET YOUR BOXING GLOVES READY
The Senate Finance Committee sits down Thursday to discuss the future of oil subsidies. We’ll be watching to how Big Oil defenders justify sending American oil overseas while American families are paying $4 at the pump.
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Twitter: @checksandbals | Email: tips@checksandbalances.org
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