(John)
Spooked by the rising price of gasoline, the Obama administration has
responded in its usual fashion: not by trying to solve the problem, but by
looking for someone to demonize. We wrote last night about Obama's attack on
"speculators;" he has seen political advantage in going after America's oil
companies, too:
> President Obama lashed out at oil companies -- and the tax breaks they get
from the government -- for a second day in a row on Thursday and again in
Saturday's address.
>
> "Four billion dollars of your money are going to these companies at a time
when they're making record profits and you're paying near record prices at the
pump," the president said at a Nevada town hall. "It has to stop." ...
>
> [B]y hitting the oil companies over subsidies and sending the Justice
Department on an investigation, Obama can try to mend fences with his allies.
It is easy to show that Obama's attack on the oil companies is baseless. To
begin with, what do "subsidies" have to do with high gas prices? I assume that
by "subsidies" Obama means that there is still some oil company income that
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