.....if the best they can do is this, an article which quotes without question President Obama's contention that the oil industry is subsidized. Fact; what's really going on is that oil companies have an accelerated depreciation schedule for capital investment. Given that the big move in drilling is to fracking, a technology that yields large flows of fuel at first, but quickly trailing off, this depreciation schedule is not a subsidy, but is rather an acknowledgement of the nature of the business. If depreciation is not taken when the oil and gas is actually flowing, it can be meaningless to the driller.
But, of course, having been trained in AP Style instead of logic, and having learned journalism law without ever learning the name "Peter Zenger," apparently journalists today are having trouble with the concept of "fact-checking," so consulting with a tax accountant about this "subsidy" is apparently beyond their pay grade.
And a few more razzies to the President, who apparently thinks he can bring oil prices down by reducing supply. If economic illiteracy were a crime, Air Force One would be flying him to DIA, where the presidential motorcade would drop him off to spend the next 14 years with his buddy Rod Blagojevich.
An Awesome Dad - With Father’s Day just a few days passed, I thought I’d share this photo. My husband, Bert, is a great dad. I am immensely thankful for his leadership of o...
4 hours ago