Robert Kennedy on Larry King

Today I watched Larry King (a rerun) and he had on Robert Kennedy (son of the late Robert Kennedy). Mr. Kennedy made some pretty outrageous statements, but none was more outrageous than “the oil industry receives a $1 trillion sudsidy from the U.S. Government, and the coal industry receives about the same.”

Calling Kennedy an idiot would be giving him the benefit of the doubt. I’m sure he knows that the budget of the U.S. is $2.9 Trillion and the GDP of the U.S. is $12 Trillion. According to him, therefore, almost the entire U.S. budget is really just a subsidy to the oil and coal companies. Social Security – a subsidy to ensure that old people can buy gas, maybe? I don’t understand why someone didn’t challenge him. There was the CEO of Chevron and John Stossel, both who, I’m sure, knew what he was saying was bullshit. But there was silence.

When Kennedy was asked about why he doesn’t support the windmill farm planned off the coast of his family’s summer home, he answered that he did support the windmills but he wants them moved someplace where they won’t interfere with the fishing industry. Where would that be exactly, Mr. Kennedy? In Saudi Arabia?

After some research I found the document that Mr. Kennedy must have used to inform himself on the issue of government subsidies: http://www.energyandcapital.com/articles/oil-gas-crude/461 . The article essentially makes a case that the true cost of oil is $65 trillion a year, bigger than the GDP of the entire world. The author must have had the same Berkeley Economics professor I had.

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