A constant target of government oppression, ExxonMobil spoke out to criticize the ways by which President Obama continually attacks the energy company.
Obama, in a misguided statement during presidential debate #1, indicated that ExxonMobil receives “corporate welfare,” a government benefit that Obama believes should cease if the economy is to improve.
Ken Cohen, spokesman for ExxonMobil, took exception to the president’s remark. Cohen pointed out that the president singles out the oil and gas industry for punishment. He explained how ExxonMobil actually benefits the nation’s economy.
In a company issued statement, Cohen pushed back. “In 2011 alone, ExxonMobil contributed $72 billion to the U.S. economy….an average of almost $200 million per day….U.S. oil and gas activities [collectively] accounted for more than $1 trillion of value added to the U.S. economy a year…..7.7 percent of U.S. GDP.”
It’s no secret that ExxonMobil shows no favor with the president. Cohen pointed out that whiplashing the oil and gas industry, and ExxonMobil in particular, is not the way to improve the economy.
The poor performance of Obama’s picks for alternative energy sources — Solyndra being the most stunning failure — puts further stress on an already stressed and debt-riddled economy. Ill-conceived, prohibitive energy policies not only drastically drain the economy but also worsen rather than improve both energy availability and the nation’s energy security.
Cohen called the president on his misuse of the term “subsidies.” Obama wrongly accused ExxonMobil as having special tax treatment that no one but Big Oil enjoys. Cohen reports rightly that such treatment represents normal tax provisions. To deny ExxonMobil what every other industry gets represents a special punitive tax slapped on a particularly undeserving company.
What Obama’s attack on ExxonMobil really represents is an attack on the capitalist practices and private industries that made America great. Private enterprise is what keeps the economy from collapsing completely. Oil and gas companies, and ExxonMobil especially, supply the nation with the energy it needs to keep running. Obama’s regime seeks to eliminate such enterprise and install government control instead, with all of its ineffectiveness and inefficiency.
America needs ExxonMobil more than ExxonMobil needs America. Ken Cohen stopped short of stating it this way, but those in the know already know this is so.