McCain Adviser: McCain Opposes ‘Reckless Favors For Oil Companies,’ Will Eliminate ‘All Special Tax Breaks’
McCain Adviser: McCain Opposes ‘Reckless Favors For Oil Companies,’ Will Eliminate ‘All Special Tax Breaks’
In a conference call yesterday, Sen. John McCain’s (R-AZ) top economic adviser, Douglas Holtz-Eakin, said McCain voted against the 2005 Energy Policy Act because it contained massive tax breaks to big oil companies. McCain’s economic plan, Holtz-Eakin claimed, would eliminate “all special tax breaks” to these oil companies, who are currently enjoying record profits:
It was full of reckless favors for oil companies. Senator McCain has proposed eliminating all special tax breaks for oil companies and understands that in an economy where jobs are the single most important foundation on which a family can build a life, having a tax rate that keeps jobs here and not abroad is central to the future of the American worker.
Holtz-Eakin’s claims are bogus. In reality, McCain wants to continue these “special” tax breaks to Big Oil, not stop them. McCain’s signature tax cut plan would deliver $3.8 billion to the five largest oil companies, as a recent Center for American Progress Action Fund analysis noted:
Since running for the Senate in 1986, McCain has received at least $549,000 from the oil and gas industry. He received over $291,000 of that total in 2007 alone.
Furthermore, McCain’s senior adviser, Charlie Black, is a registered lobbyist for two Russian oil companies. McCain’s liaison between his presidential campaign and congressional Republicans has made millions lobbying for giants such as Chevron Texaco, the American Petroleum Institute, Reliant Energy, PJM Interconnection and First Energy.
But the lofty rhetoric continues anyway. In 2007, McCain said he would end “rifle-shot tax breaks for big oil.” In April, former McCain energy adviser Eric Burgeson said McCain is the one to “stand up” to Big Oil.
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What is Obama doing today?
The primaries are over…
June 10th, 2008 at 2:36 pmThis was the same guy that said Obama wanting to fund everything in sight would be the true extension of W’s policies.
The guy’s about as credible as Mike O’Hanlon and John Bolton.
June 10th, 2008 at 2:40 pmNo no no – look, it’s simple! If you give the oil companies tax breaks, they’ll have no choice but to trickle that profit down to their customers by lowering oil prices, to encourage their customers to buy MORE oil!
Don’t you libs get it?? It’s classic trickle-down voodoo oilconomics!!!
June 10th, 2008 at 2:45 pmRiiiiight.
June 10th, 2008 at 2:48 pmIs McCain himself astute enough to realize that he’d be better off if Holtz-Eakin was kept muzzled and gagged?
June 10th, 2008 at 2:49 pmmisshusseinmolly Says:
Is McCain himself astute enough to realize that he’d be better off if Holtz-Eakin was kept muzzled and gagged?
June 10th, 2008 at 2:49 pm
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Nah. If he really were that astute, he’d realize that he’d be much better off if John McCain was kept muzzled and gagged.
June 10th, 2008 at 2:52 pmI am normally a pretty polite person in public. I hold doors for folks. Ask dispensation when I accidentally jostle someone. Stuff like that.
But when I read shyt like this ass-Holz-eakin is spouting, I want to be there, and to loudly and publically accost the bastard and tell him and the assembled stenographers of the Press that he is so full of shyt his eyes are brown. Right there, right where all that f-ing politesse just oozes from every pore…
June 10th, 2008 at 2:54 pmIt looks like the McSame campaign has its very own Baghdad Bob.
Excellent.
June 10th, 2008 at 2:54 pmI wonder if McFuzzyMemory will remember which side of this issue he’s on today, or tomorrow.
Can’t you just see the upcoming debates? I expect there to be a group of McCain advisors in the audience with placards saying “FOR” and “AGAINST” that they can hold up for John to clarify his “position du jour” on every issue.
Gotta wonder if the Republicans in congress got Camp McCain’s daily talking points memo, because they just fillibustered bringing the oil windfall profits tax to a vote.
PEACE
June 10th, 2008 at 2:56 pmQuit lying and we’ll all be better off. He’ll eliminate all specials tax breaks? Taking off the word ’special’ doesn’t count.
June 10th, 2008 at 2:57 pmHow is McAncient going to ’stand up’ to anyone or anything, including his oil exec masters?
June 10th, 2008 at 3:05 pmHe’s fallen, and he can’t get up!
McSame has never seen a lie he wouldn’t tell or a lobbyist he would do favors for.
June 10th, 2008 at 3:08 pmYeah, that’s why McCain failed to show up and vote today.
June 10th, 2008 at 3:08 pmHow did that Keeting Five deal work out for McSame? Was that ever explained or rectified or did he just give the reporters a good barbeque to shut them up?
June 10th, 2008 at 3:13 pmOt – Wexler signed on as a co-sponsor for impeachment.
June 10th, 2008 at 3:18 pmRegarding the real reason why the U.S. invaded Iraq [oil], this article by the indefatigable columnist for The Independent, Patrick Cockburn, demonstrates that the United States, with its desire to establish an incredible 50 military bases in Iraq, has simply no intention of withdrawing its troops and giving Iraq back to the citizens of that war ravaged country. Will the agent of hope and change offer any protest to this imperial undertaking or will he, for the sake of political expediency, remain silent?
http://www.independent.co.uk/news/world/middle-east/revealed-secret-plan-to-keep-iraq-under-us-control-840512.html
June 10th, 2008 at 3:29 pmThis is great Wayne. I truly want to see this go to the floor. If Nancy steps in the way of this I want to see her lose her seat. I don’t care about the embarrasment of losing as a sitting speaker.
June 10th, 2008 at 3:30 pmI Love the Republican campaign. Where else can you watch people relentlessly shooting themselves in the foot, making liars out of themselves and demonstrate, with such conviction and determination, that they have’nt got a Clue what they’re doing?!?!!!! It’s sad enought when McInsane jumps, with mind-numbing agility, from one side of an issue to another. However when his ‘Adviser’ jumps in and ‘helps clarify the issues’, this is beyond absurd. The Three Stooges would look at a script like this and say it was too ridiculous for them! The conventions should be great. The campaigns will be Memorable!
June 10th, 2008 at 3:31 pmImpeach Cheney and Bush and Save the Constitution! And God Bless and Protect Representitivs Kucinich and Wexler, The American Spirit Lives!
And, of course, he says the same thing to oil company execs.
June 10th, 2008 at 3:39 pmRight?
TokinLibrul – I’m right there with you. I’m so utterly sick of these sanctimonious reichwing lying sacks of excrement lecturing us at every turn !!!
June 10th, 2008 at 3:40 pm@16, Errol asks: “Will the agent of hope and change offer any protest to this imperial undertaking or will he, for the sake of political expediency, remain silent?”
Iirc, TAOH&C has said, best case, he’d try to have all the combat forces out in three years. Not “All the troops.” Of course not. There’s gotta be troops around to guard the equipment and pilots on those Iraqi/temporary bases the USofA built. Folks seem to discount the strategic value of maintaining a credible fighting force in that region, in the geo-political/real-politik kind of way, which is regrettable. Because it removes from consideration a really powerful stimulus for USer imperialism and militarism. TAOH&C is every bit as much a creature of that regime as either Bombin’ John or even aWol…
if he weren’t he wouldn’t be where he is today.
June 10th, 2008 at 3:45 pmIf someone can get this story out to the masses, it’s Obama by a landslide.
Personally, I hope gas goes to $8/gallon by November, but whether you agree or disagree that it’s important, gas is THE issue of concern to our electorate.
June 10th, 2008 at 4:12 pmMcCain looks like a chicken, talks like a chicken and walks like a chicken. So basically all I hear from his mouth is, “cluck, cluck, cluck, clu-clu-cloooooooooooooooo!” And that’s on any subject, no matter how much he mis-remembers what he said three week or three days before that.
So in Obama we want to elect an actual leader. In McCain the GOP wants to put another farm animal in the Oval Office. Can we afford to have an open door barnyard policy for a third term?
June 10th, 2008 at 4:16 pmLike Moyers said, “Ask him what happened to the $20/barrel oil we were supposed to see after invading Iraq.”
June 10th, 2008 at 4:19 pmJust don’t wait until the horse is out to close the barn door, like the last coupla times…
June 10th, 2008 at 4:21 pmwhy you shouldnt drink on the campaign trail…
http://www.cnn.com/video/#/video/politics/2008/06/10/sot.mccain.veto.beer.cnn
June 10th, 2008 at 4:22 pmS
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June 10th, 2008 at 4:30 pm…L
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pRYTTYbOY
A really good reason to nationalize the oil (energy) industry!
Thanks! As a Marxist, you’re pretty damn good.
June 10th, 2008 at 4:31 pm“You youngin’s don’t remember the times when you could get 10 gallons of gas, a huge slice of cherry pie and a ticket to a picture show for under $1.15! My spouse didn’t die in WWII…or was that when they ran off to join up with that police action in Korea…to have you tree huggers take away my right to drive around in my Buick, which I drive to the supermarket, to bridge tournaments and to the country club to play golf and laugh at minorities. Let me tell you sometin’, I do do my part for the environment…because I take the shuttle to play slots at the casinos. And when I hit my triple-bonus and get that $18 after I spend $75, I go and eat all I want at that buffet!!!! Those Indians know how to cook, let me tell you that. I am free to not do what my doctor tells me, then go clog up the system by having numerous appointments with new doctors who tell me to do what I won’t do. And I want us to win our war on terror…because they attacked us and quite frankly, I wipe my ass with the red, white and blue because that is what the friendly people with the lapel pins say! That’s how I am and I’m not going to change…mainly because I dropped out of school to be used as a farming instrument when I was 10. So before you take my license away for driving while being confused and being befuddled, I sort of gave for our nation for all my life (if you count taking before giving) and I’ll die that way!”
Sincerely,
June 10th, 2008 at 5:20 pmHow a lot of old people feel who support John McCain
We’re being ENRONed again: this time by oil futures contracts speculators who are unnecessarily and very profitably driving up the price of crude oil and hence retail gasoline prices. Curious as to why you are suddenly paying over four dollars a gallon for gasoline? No, it’s not due to “supply-and-demand,” no, it’s not due to “OPEC,” nor is it due to “peak oil.” It’s due to totally unregulated electronic oil futures trading in world markets. Check out the very lucid article that explains the unseen financial machinations in oil futures markets written by F. W. Engdahl on May 2, 2008, entitled, “Perhaps 60% of Today’s Oil Price is Pure Speculation.” It may be viewed at http://www.financialsense.com/editorials/2008/0502.html.
In a nutshell, he suggests that the Bush Administration dropped the ball in January 2006, when they allowed totally unregulated electronic trading of oil futures contracts in New York. Previously these electronic trades had been made at the London Intercontinental Exchange (ICE) Futures Market. With that decision by the Bush Administration, all of the world’s oil prices were then opened to upward pressure from speculative futures contracts. In essence, oil futures contracts made by speculators, banks, hedge funds and pension funds all competed with real demand on the spot markets and had the effect of driving up both wholesale oil prices and retail gasoline prices. Speculators have made billions of dollars on their trading of oil futures contracts. All of their profits come right out of our pockets.
Even with a stable oil supply, there is a slow worldwide increase in demand for oil, which creates a long-term upward pressure on oil prices. However, with the relentless saber-rattling and war-mongering by Bush and Cheney in the last several years, and the more recent war talks by McCain and the Israelis, the oil futures markets are rife with speculation and paranoia. This war talk keeps ratcheting up the prices on the oil futures contracts and hence the wholesale spot market prices. It is an endless spiral of greed and paranoia.
As long as there is no tough and effective oversight of the electronic oil futures markets by the Bush Administration, the oil prices will climb endlessly. These oil prices will be quickly followed by hikes in the retail gasoline prices at the pump. The 60% speculation share of the $4.25/gallon gasoline price, is about $2.55/gallon, which is what we consumers are paying to these oil speculators as a “service fee.” Not a bad “fee,” since the speculators produce no usable goods or services…Just a few large greedy oil futures traders helping themselves to your gas money.
Without this added-on oil futures “service fee,” you would be paying about $1.75/gallon for gasoline. Write, call or smoke-signal your Representatives and Senators today and suggest that they read the June 2006 report by The U. S. Senate Permanent Subcommittee on Investigations entitled, “The Role of Market Speculation in Rising Oil and Gas Prices.” Then demand that they investigate and then force the Bush Administration to firmly regulate the computerized oil futures contracts trading in New York, London and Dubai.
June 10th, 2008 at 5:22 pmJames, your linkie no workie. Try this one instead:
June 10th, 2008 at 6:02 pmhttp://www.financialsense.com/editorials/engdahl/2008/0502.html
Thanks TeleMan, Silly me, I just copied the http address at the top of the page where I found the article, from the altavista search, I didn’t actually try it out.
Cheers.
P. S. From the Big Ed Schultz radio show today, at least Senator Byron Dorgon is aware of the funny business going on in the electronic oil futures markets.
June 10th, 2008 at 6:28 pmDo you simply just ignore the fact that the oil companies pass any tax they have onto the consumer? If the goverment raises the tax on oil 2%, the oil companies are going to pass that on to you and me.
It does not work like that.
Oil companies are having record profits, in the hundreds of billions. Oil companies had more than $155 billion dollars in profits in 2007, during 2008 their profits have soared meaning by now their profits are higher than $155 billion.
http://fpc.state.gov/documents/organization/103679.pdf
Oil companies already have hundreds of billions in profits that they could pass on to the consumer, but they choose not to. The idea that giving oil companies more money is going to lower gas prices when oil companies already have hundreds of billions is flawed as can be.
All cutting their taxes would do would fill their profits to new highs; oil and gas prices are not high because oil companies have taxes, OIL and GAS prices are high because of demand, and also polices of irresponsible speculation, war, and aggressive foreign polices praised/supported by Bush and McCain.
History goes against this “oil tax holiday” typical Washington bullshit.
They tried this same oil tax cuts in Illinois, it didn’t work.
The definition of insanity is trying the same thing over and over and thinking its results will differ, looks like McCain really is McInsain.
http://factcheck.barackobama.com/factcheck/2008/04/29/fact_check_on_clinton_ad.php
Fact check Obama is amazing.
June 10th, 2008 at 6:51 pmThese steps could lower oil prices, but nobody’ll take them
http://www.mcclatchydc.com/227/story/40360.html
A little late posting this, but a good find.
June 10th, 2008 at 8:30 pm