High gas prices are being used to make the case to preserve Big Oil tax breaks and expand offshore drilling. Here's why neither makes a difference.
Last night, the Senate rejected a bill that would've cut about half of the $4 billion-a-year in tax breaks and subsidies to the five largest oil companies. Today, Republicans are advancing a bill to rapidly expand and speed up offshore drilling. In both instances, the relatively high current prices of gasoline are being used to make the case for making life easier on big oil companies.
We've been spending a lot of time explaining why neither offshore drilling nor oil industry tax breaks have much of any impact on gas prices. Our friends at 350.org just released a great and incredibly comprehensive infographic that ties it all up nicely with a bow. Click on the image below to see the larger version.