A Biden Presidency Could End The U.S. Oil Boom

To talk about a Biden-Harris administration let’s first talk about the Obama-Eric Holder/Loretta Lynch administration. Back in 2015 and 2016, when Holder and Lynch were President Obama’s Attorney Generals, my frack company was beset with an IRS audit, an International Fuel Tax (“IFTA”) audit and a Department of Labor investigation. Not to be excluded, I was also personally audited by the IRS. Fortunately, me and my company cleared the IRS audits without penalty (other than paying our accountant). The Department of Labor audit got us for something less than $250, based on some arcane back of the book calculation on arbitrarily given bonuses. But the IFTA audit did some damage with a $40,000 paperwork related fine even though all our taxes were paid at the pump. All three agencies and all four audits were federal, and all came at roughly the same time. When I asked the Department of Labor attorney how she even found our little basement office, she kept mum. There was no point in her answering—we both knew why she was there. Her 18,000-employee strong department, like the IRS and IFTA, had been weaponized to undermine the oil and gas industry. AGs Holder and Lynch, likely with President Obama’s blessing, were picking and choosing and me and my industry got picked.

On March 1st, in 2016, I came home from work and told my wife I was worried about Aubrey McClendon, the founder of Chesapeake Energy and American Energy Partners. The following morning, he was to be arraigned in Oklahoma for violations of the Sherman Anti-Trust Act.

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Source: Oil Price / Photo: Wikipedia Creative Commons

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