Oil washed out, far exceeding the moves lower in other commodities and Mitt Romney finally frames the energy debate hitting Obama in the green where he is most vulnerable. Time and time again I have criticized Obama for investing billions of dollars in high risk, low return energy strategies and being in bed with “Big Green” and being at war with “Big Oil” at the expense of jobs and the good of the American people. Mitt Romney last night did an excellent job framing the debate that goes far beyond just the killing of the Keystone Pipeline.
Romney hit the nail on the head when he said, “You put $90 billion, like 50 years’ worth of tax breaks, into solar and wind, to Solyndra and Fisker and Tesla and Ener1," he told the president. "I had a friend who said: 'You don't just pick the winners and losers; you pick the losers.'"
He said that “these businesses, many of them have gone out of business, I think about half of them, of the ones have been invested in have gone out of business,“a number of them happened to be owned by people who were contributors to your campaigns.” Romney forgot to mention Beacon Power and Abound Solar.
Romney went on, “And in one year, you provided $90 billion in breaks to the green energy world,” Romney said in a rebuttal to Obama’s criticism of oil companies receiving $4 billion dollars in tax breaks. You put $90 billion into — into green jobs. And I — look, I’m all in favor of green energy,” Romney said, “$90 billion? That would have hired 2 million teachers, $90 billion!”
By putting President Obama’s green energy spending binge in front of the American people perhaps they will quit blaming oil companies and speculators for rising oil prices and put more blame on the president.
In April of 2011 I wrote, “Big oil is blowing us away helping to drive the markets and reflecting the rebounding global economy and the growing risk to supply. Now the Obama administration wants to penalize ‘Big Oil,’ one sector of our economy that is actually creating jobs and actually helping lead the economy out of recession. This tired attack on big oil and this fraud that oil companies get preferred tax breaks and subsidies are ridiculous and would actually be funny if it were not so sad. While Obama continues to promise the creation of billions of so called "green jobs," he is exporting our oil producing jobs to other countries."
Now this latest charge that big oil gets "unwarranted" tax breaks for oil companies as a way to prevent Americans from facing persistently high gasoline prices, which are reaching $4 a gallon is another misrepresentation of the facts that is leading this country down a very dangerous path of penalizing successful, efficient business and prop up inefficient business that might serve the greater good to let them die on the vine.