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January 19, 2007

Hmm, Americans love their oil

An oil wellEvery so often a law gets changed in the United States and I think… you mean that law existed before?

Well, that’s happened again. Whereas over here we tax petrol to high heaven, in the U.S. they’ve been subsidizing the oil industry with ruddy great big tax breaks.

But not for much longer. The House has voted for $14bn dollars – that’s $14,000,000,000 – to be switched from tax breaks for fossil fuels to research into renewable energy.

It’s got to get through the Senate (likely, but not easily) and then get the stamp of approval from Mr Oil himself, good ole’ Georgey Bush. So far he’s not threatened to veto it. But can you imagine the look on his mates’ faces as he signs that bill into law? Ooh, you’d pay to watch, wouldn’t you?

There’s only one more thing. If this pushes domestic oil prices up, where do you think Bush might want to get some more cheap stuff from?


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