Saturday, April 7, 2012

Chris Hayes: Why Do Unpopular Oil Subsidies Persist?

Chris Hayes strikes at the heart of our political corruption in exploring the persistence of oil subsidies. He notes that the subsidies are unpopular among Americans; not supported by liberal and conservative economists, and not needed by booming oil companies, as admitted by company executives and some Republicans. Hayes solves the mystery: those in the Senate who supported a recent bill to end the subsidies received over $5 million from big oil; those who opposed it, over $23 million. A 51-47 vote failed to end a Republican filibuster. Hayes observes that Teddy Roosevelt’s fears about economic power skewing our political system have been confirmed. Watch:

(h/t: Best of the Left Podcast)


Michael The Molar Maven said...

Subsidies or not, it always mystifies me that both the auto and oil industries are not leading the fight in favor of development of alternative fuels. In this way they protect their present and help insure their future...and the public wins as well.

Jeff Tone said...

Reminds me of another mystery: Why isn't the private sector calling for universal health insurance, instead of bearing the cost themselves?