2009: Administration Policies Sought to Discourage ‘Overproduction’ of Oil

Geithner Obama Doesn't Want To Distort Oil Prices

In a May 2009 letter Timothy (the tax cheat) Geithner wrote: The Administration believes that oil and gas preferences distort markets by encouraging more investment in the oil and gas industry than would occur under a neutral system. To the extent the credit (sic) encourages overproduction of oil, it is detrimental to long-term energy security and is also inconsistent with the Administration’s policy of reducing carbon emissions and encouraging the use of renewable energy sources through a cap-and-trade program. Moreover, the credit (sic) must ultimately be financed with taxes that result in underinvestment in other, potentially more productive, areas of the economy...cont...

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