White House Explains Transport-Energy Future

blair1q writes "Today on the White House Blog, the President (ok, his staff) released an infographic showing various facts about transportation energy, and how current gas prices need not be so worrisome. Highlights include rapidly increasing domestic production and rapidly decreasing prices for electric-car batteries, requesting Congress to shift tax breaks from oil producers to wind/solar/geothermal energy producers, and increasing domestic oil production (yes, there's a conflict there)."

Comments

Re:Lower Taxes & Cut Regulations. Poison the E

[lowflying]

So how do I parse these "liberal guys" from CATO, published in Forbes, saying that oil and gas firms get special tax breaks?

"Another significant tax break allows companies to accelerate the deductions of the costs of labor and various other inputs associated with drilling oil or gas wells. Now, there's nothing wrong with deducting the cost of doing business from one's tax bill. In other industries these expenses would be capitalized and deducted over time as income is earned. But in the oil and gas sector, the tax code allows oil and gas firms to deduct 70% of these expenses in the very first year of a well's operation and the remainder over the next five years."

Or this guy over at The Volokh Conspiracy claiming that:

"The best example is the percentage depletion allowance which, as applied in some cases, enables oil companies greater depreciation than the value of the initial investment."

Because, I wouldn't want to look dumb and uneducated, thereby hurting my claim.