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FBN’s Peter Barnes with news that the White House has not yet decided if it will tap the strategic petroleum reserves, and the Senate defeating a bi...
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-- -- Oil prices the falling nearly three dollars -- new talk that the US while we might actually sabotage strategic reserves the White House though says no decision has been made yet.
Meanwhile gas prices continue to -- up another penny overnight AAA says that the national average for regular unleaded is now.
Three dollars and 92 cents that's up twenty cents just in the last month and 35 cents from a year ago.
But the president and congress for taking.
On energy prices today Peter Barnes has indeed thousand Peter by the press there was -- Rose Garden -- that it.
Yeah that's right Charles that's because today the senate.
Was voting on repealing four million dollars a year in tax breaks for oil and gas companies and as expected and yet again.
It voted this down with support from some oil state Democrats.
This after the president was in the Rose Garden to make a statement supporting this legislation as the president and Democrats.
Square off against Republicans in this election year battle over high gas prices.
Started paying a premium at the pump right now.
And on top of that congress.
Up until this point -- thought it was a good idea to send billions of dollars more in tax dollars.
To the oil industry.
It's not as -- These companies can't stand on the -- This morning before this vote in the senate the Republican leader said that with the outcome of this vote known before hand by every one the president and Democrats were just trying to score political points.
That was their brilliant you plan on how to deal with gas prices.
Raise taxes on energy companies when gas is already -- around.
-- dollars a gallon then block consideration.
Of any -- else just to make sure gases a gas prices don't go.
Anywhere but up.
Somehow they thought that doing this would set up some kind of political win for them.
The White House said that the senate vote at least puts members on the record on this issue which is what they do all the time.
In an election year -- I got a -- works a lot Peter because a lot of people I know really believe that the government is giving their handing out money to the oil industry so help us out here.
If you can't explain the difference between a subsidy and it and a deduction.
Well let's -- got a lot a lot of times the critics well.
And use these words.
And and and try to use them interchangeably here you know a subsidy imply some kind of direct check.
To somebody that's not what not what happening here in the tax code -- gas companies are allowed to write off.
Certain -- expenses.
And and that's what the president wants to -- he wants to repeal some of these.
Tax deductions that are expenses for these companies that that that they get for exploration principally.
Yeah deductions also -- -- domestic jobs and deductions that whole lot of other people get as well Peter Barnes thank you very much appreciate our Charles.
