Despite a chorus among citizenry and punditry to end oil company
subsidies, it turns out that yet another has been foisted upon us.
What is worse, it was created under the guise of a populist
Households will spend about $90 billion more this
year on gasoline if fuel prices remain at current levels, according to
a forecast by economists at Credit Suisse Holdings in New York. That
will consume about 80 percent of the more than $110 billion in rebate
checks the government is sending out.
So most of the rebate money will end up in the pockets of big oil.
It will not boost spending. It will not stimulate
the economy. It would be much better to invest that money in