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FBN’s Lou Dobbs breaks down the Administration’s spending on green energy companies and how much oil companies actually pay in taxes.
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Billion dollars in taxpayer subsidies to oil companies this year.
Have been subsidizing all companies for a century -- oil subsidies won't bring gas prices down tomorrow four billion of your tax dollars in subsidies every year -- expect congress to vote on ending these substances.
Other four billion dollars on subsidies to all companies each year -- billion of your tax dollars subsidize that oil industry.
A century of subsidies to oil companies is long enough.
What's going on with our president.
Us President Obama -- urging congress and doing so repeatedly.
To repeal four billion dollars in tax breaks just for the oil industry now what -- the president do with that four billion dollars.
I'm gonna have a few thoughts about why he's picking on -- -- -- industry but first let's.
Let's try to figure out where he would put that money and the likelihood it would be -- on Obama Green energy.
But haven't we RTC minutes the government gable whopping three billion dollars in taxpayer subsidized long.
-- First Solar -- let's First Solar.
I mean -- you agree.
We started to talk about.
Real money three billion.
By the way it's one of the worst performers on the S&P 500 last year -- -- 535.
Million dollars to solar maker saw lender 535.
We're gonna just call that point five of them rounded off here -- -- lender.
And the beat goes on 400 million dollars along guarantees this -- my favorite abound solar who comes up with -- name abound solar abound solar.
Has -- junk.
Bond.
Rating.
Right now so there's no doubt that you'd wanna give them as much as possible what some -- the point four billion.
And it.
Hundred and another 170 billion dollar -- and dollars to -- short this thing -- low power.
-- I don't like to hurting anybody's feelings it's so low power abound solar.
And I'm not so sure that's a good idea of a 118 million so we're gonna put this one here will -- point one.
418 million energy grant.
We'll call that point 12.
Inner Dell.
That's right it's another Green energy company in her -- Whose parent company by the way file for bankruptcy protection back in January another 43 million we're not -- -- put this -- on the board.
Energy storage company beacon power another five million dollars to Evergreen Solar.
This partial list along as you see adds up to more of them.
-- billions.
-- dollars.
Or billion bucks.
So I guess we now over four billion when you wanna -- the Obama administration spent another four billion at the expense of the oil industry.
But here here's the problem -- this little idea on the part of this administration.
For some reason they can't quite.
Straightforward about what's going on here they talk about the profits they talk about money.
And they forget about taxes.
And you have to ask why are they going after an industry.
That has but let's just take it as an example the biggest.
Oil company in the country.
ExxonMobil.
Alright.
They have an effective tax rate above.
40%.
They have profits.
Are 41.
Billion.
Dollars.
They pay over 120.
Billion.
Dollars.
In taxes federal state and woke up -- the way there is another thing about the oil industry in this country.
And let's just kind of wind that out because it's kind of important.
There are -- Million.
Not dollars.
But jobs.
Direct and indirect.
As a result of our energy industry and -- by the way the -- industry mister president just.
Just has a powerful effect on the entire economy.
So do you really want.
For example looking at this four billion dollars and in.
Either at risk or lost federal taxpayer money you really want this president choosing winners and losers you want his administration.
Is Energy Department to be the one choosing winners and losers because they're coming up with a lot of losers.
The oil industry looks like a winner to me up what you.
We're gonna talk about that some more here on the broadcast tonight and what in the world is really going on.
In the politics of oil in the minds.
Of this administration.
That's next.
