I agree with President Obama in that the oil industry should slowly be weaned off of the government’s teat. The only way for the US to shift away from a society dependent on fossil fuels is to cut back on subsidies and tax cuts for oil companies and transfer those to clean energy industries.
Yes subsidies distort the market but sometimes we must make sacrifices for the greater good. Life is not all about making the most economic growth. Without subsidies I do not think clean energy sources like wind, solar and hydropower technologies will ever be able to compete with the oil and coal industries. At least in these early stages the US government should subsidize and give tax breaks on renewable energy industries. However, they should be very selective for which industries they choose. I do not believe in supporting technology to capture carbon dioxide emissions and other technologies that are not solving the source of the problem.
To Dr. Kreutzer, an energy economist who believes in the ridding of all subsidies, I would say the planet may not have time to wait around for clean-technology to miraculously be able to compete with the fossil fuel industry. At least I am comforted knowing we have a president that sees the crucial need for fundamental change in our country. It is however incredibly frustrating how twisted the government is in that our own president can’t make “modest proposals” enacted because of the stronghold the oil and coal industries have. Hopefully Obama will keep fighting until the clean-energy industries can get a competitive edge against the oil and coal industries. I support Obama and vote for a sharp decline in the subsidies and tax cuts of the oil industry and a swift increase in subsidies for clean-energy technologies.
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