Oil Profits

Although I do not believe that gas prices will (or should) decrease in the future, I do believe that the record profits by the oil and gas companies needs to come under control. The oil and gas industry has been getting much from the federal government. And it is time that the industry that earns so much to pay up.

In a May 18th, NYTimes article, it said that "the House on Thursday approved a measure that would pressure companies to renegotiate more than 1,000 leases for drilling in the Gulf of Mexico." The article went on to say that it "is intended to prevent companies from avoiding at least $7 billion in payments to the government over the next five years for oil and gas they produce in publicly owned waters."

The federal government has had a difficult time attempting to balance the budget and more money from the oil and gas companies of America, could help lower the deficit. The United States government has so far not truly attempted to balance the budget, but if this proposal passes the Senate, than the government can start to tackle the problem of the deficit and the overall national debt (which currently is at $8,344,917,929,456.38 at time of posting).