Oil! And we’re not talking sunbathing…

It seems Senator John Thune has one thing on his mind: Big Oil.  That same thing must be on Governor Daugaard’s mind given the recent TransCanada geyser that Daugaard subsidized with tens of millions in taxpayer dollars.

It’s sad but true: President George W. Bush professed America’s addiction to oil, and Republicans are intent on destroying any chance at a cure (at least one that doesn’t include a golden parachute for Big Oil companies).

The Democrat-controlled Senate introduced the Close Big Oil Tax Loopholes Act (S. 258), which eliminates federal subsidies for the five most profitable oil companies in the world and directs the savings to deficit reduction.  Thune’s response: he’d rather support oil companies than South Dakotans’ wallets.

That got us wondering – whatever happened to John Thune, the fiscal conservative? Oh, wait – he’s not running for President.

Here’s what every South Dakotan should know, and what non-Presidential candidate Thune isn’t telling you, from South Dakota Democratic Party Chairman, Ben Nesselhuf.

“Every year the federal government spends billions of dollars on unneeded subsidies to big oil companies making tens of billions of dollars a year. What Senator Thune is saying to South Dakotans is that the billion dollar profits of the top 5 oil companies are more important than the burdened pocket books of South Dakotans and the burgeoning deficit of the federal government.

Thune is protecting billions in taxpayer funded giveaways for the biggest oil companies making record profits at the expense of South Dakotans who are getting squeezed at the pump. South Dakotans have already shared the sacrifice of federal budget cuts. Thune should urge the top five big oil companies to share the burden too.”

Oh, and by the way, the Joint Committee on Taxation, a nonpartisan committee of the U.S. Congress, says S. 258 would raise $33 billion over ten years. All savings from the bill would be directed to deficit reduction.  Now that’s some tanning tax…

Update: Today (5/11/11), Intern/Representative Kristi Noem voted to allow oil companies who owe back penalties, fines, and/or damages to the taxpayers for devastating the Gulf Coast to get new leases for more drilling. (Didn’t Bush II say something about fooling us twice?)  One thing’s for sure, Big Oil can count on Noem; seniors with Medicare — please accept our condolences. We can’t wait for 2012 either.

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