does what it does so well when you create that competitive environment and glen hubbard auls used to salwa if it makes it easier to compete, it's probably a good idea. if it makes it harder to compete, it probably not a good idea. >> that's a great point. i think what's lost in this discussion, the marcelis boom, the bakken reserve, the ground move was this drillers responding to a tax environment that let them take risk. bud, you want to jump in on this energy -- >> yeah, i wanted to make an important observation. we shouldn't get the impression that the oil and gas industry is particularly favored when it comes to taxes. in fact, last year the oil and gas industry paid $40 billion in taxes. income taxes, royalties, lease payments and the like to the federal government. their tax preferences were a mere $2.8 billion. so the balance sheet is very much in favor of the federal treasury. now, when president obama runs around as he's been doing saying that these obscene profits are too high, that the oil and gas industry aren't paying their fair share, he's just completely off base. they're pa