As our economy continues to languish, limping slowly towards recovery, federal tax revenue has lagged. That - plus the wars in the Middle East - have helped rachet up the budget deficits and national debt. Republicans call for cuts to "entitlements" (Medicare and Social Security) while Democrats have advocated for raising taxes on those who have reaped huge benefits from the tax policies of the previous decade.

That would include industries that make record profits and pay little in taxes. In particular, that would include the oil companies. The average profit (that's profit after expenses, not gross) for the top 5 oil companies is over $3000/sec. That means that in the 2 minutes it takes you to read this blog, the average oil company will collect over $360,000 in profit. Does this sound like a company that needs a tax break? No? Well Republicans in Congress seem to think so.

On Tuesday, Senate Democrats floated a bill to cut billions in tax breaks to oil companies. It was rejected, mostly along party lines (3 Dems from oil-producing states voted nay, the 2 Reps from Maine voted yea). That's pretty much what you'd expect from the Republicans - they consistently vote in favor of business over people. What is aggravating is the rationale used to vote it down:

Hey asshole - the bill was not created to alleviate gas prices, nor to take revenge on oil companies for gas prices. No one ever said that. Sure it's easy to create a strawman and then knock it down, but it's false. The reason for the bill is that the oil companies are getting tax breaks while making record profits, a loss of tax monies that are hurting the country. Where's your patriotism?

Naturally, the uber-lobbying group US Chamber of Commerce chimed in:

Would they care to explain how? Perhaps the "US Chamber of Commerce" (ie: lawyers shilling for Big Industry) is concerned that one of their sources for lobbying fees will feel like they can't afford as much lobbying anymore?

The original raison d'être for the tax subsidies was to encourage domestic drilling. Will removing those subsidies result in less domestic drilling? Not if there's profit to be made (see previous discussion on the obscene profits the companies are making). There's some analysis that says there are other factors that favor domestic oil production, including geopolitical stability, worker safety, and cheaper and safer transportation, and that the removal of the subsidies will not cause oil companies to change their minds.

Ultimately, there is no longer a reason for continuing these tax breaks, and we could really use the money. To the Republicans and their benefactors: at least be honest about why you're against the bill. As Republican activist Kathy Dirr says: "Take of your lace panties; stop being noodlebacks..."

And stop being gas-holes. Admit you're in the tank for the oil companies, to the detriment of the American people.