Instapundit » Blog Archive » OBAMATEURISM: “We have subsidized oil companies for a century. We want to encourage production of …: "OBAMATEURISM: “We have subsidized oil companies for a century. We want to encourage production of oil and gas, and make sure that wherever we’ve got American resources, we are tapping into them. But they don’t need an additional incentive when gas is $3.75 a gallon, when oil is $1.20 a barrel, $1.25 a barrel. They don’t need additional incentives. They are doing fine.”Good God what a moron this man-child is. Go RTWT to understand that if you want to cut him slack, it's not the first math Mulligan reasoning that comes to your mind that explains it.
Ed Morrissey responds: “First, oil is not $1.20 or $1.25 a barrel. Today it was trading at $107 per barrel, or around 86 times what the President quoted here. Besides, this is about as big a non-sequitur as one can possibly create on the cost of gasoline. To the extent that this is coherent at all, it sounds as if Obama is claiming that the difference between the price of a gallon of gasoline and the price of a barrel of oil equals profit. That’s about as ignorant a claim on energy costs as I’ve ever heard.” Good thing that dumb cowboy Bush isn’t President, or the media would be making a big deal about this."
As anyone who has looked at the national budget knows, he's not that good with numbers, never mind actual math.
UPDATE: And from the HotAir comments to drive it home how untethered he is:
Let’s see. Exxon had $52 billion in pre-tax income in 2010, and paid $21.6 billion in taxes (45% rate); Conoco-Phillips had $19.8 billion pre-tax, paid $8.3 billion in taxes (42%); Chevron $32 billion pre-tax, $12.9 billion in taxes ((40%). General Electric had $14.2 billion pre-tax, paid $1.05 billion in taxes (7.4%).
So yeah, let’s keep on demonizing oil companies.
Trafalgar on March 22, 2012 at 8:45 AM
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