Democrats' Energy Plan: Tax, Sue, and Investigate

[MrsSmith]

Democrats' Energy Plan: Tax, Sue, and Investigate
By John Cornyn
Wednesday, May 7, 2008


More than two years ago, now-House Speaker Nancy Pelosi and her Democratic colleagues promised what they called a “common sense” energy plan to bring down prices at the gas pump. Since that time, the average cost of a gallon of gas has soared from $2.33 to $3.62, an all-time high.

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A central component of the Democrats’ energy bill is to increase taxes on U.S. energy companies. This is almost bizarre. Democrats have clearly not learned the lesson from the 1980s when the windfall profits tax—a tax on oil produced in the U.S.—was first enacted.

We know now as a matter of certainty that this tax had the opposite effect than what was intended. It led to lower domestic oil production—not lower prices at the gas pump. In fact, the nonpartisan Congressional Research Service estimates the windfall profits tax decreased domestic oil production by as much as 1.2 billion barrels between 1980 and 1986. It also drained $38 billion that the domestic energy sector could have used to invest in new production and exploration, or development of alternative fuels.

At a time when our goal should be reducing America’s dependence on foreign oil, imposing massive new taxes on American oil companies promises an entirely different result.

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The real common sense solution, as we transition away from dependence on fossil fuels, is to increase the supply of domestic energy. We need to get the government out of the way and allow use of plentiful resources under our control. If Congress stopped penalizing and handcuffing our domestic energy production, we could produce an additional 2.7 to 3 million barrels of oil a day within a relatively short period of time.

That is why Senate Republicans have introduced legislation, The American Energy Production Act, an important step towards driving down gas prices for all Americans. If enacted, this new legislation would allow access 24 billion barrels of oil—enough oil to supply America for 5 years with no foreign imports. It would also provide for authorization to explore for American oil in the Arctic National Wildlife Refuge (ANWR) and the Outer Continental Shelf (OCS).

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[DixieBelle]

Bring it on please! I hope they are able to stop Bella Pelosi from doing any more damage.

[Chris_]

I heard her commenting today about this.  Whining about President Bush's "plan is to veto and drill... veto and drill." 

[DixieBelle]

I'm cutting and pasting this from another thread cuz it needs to be repeated 

You know, I'd love to see the CEO's of the Big Oil companies march into D.C. and say, "here's a quarter of a TRILLION dollars you're already costing us. How much more do you want?" Because ExxonMobil paid about $100 billion in taxes last year. And I've also read that the oil industry pays half again that much ($150 billion) in tax-related expenses -- accountants and the like.

I have to give credit to wizbang.com - that's where I saw this tidbit.

[RightCoast]

Everything the Dumbs want to do will increase the price of gas dramatically.

[MrsSmith]

When, when, when will they realize that big corporations don't pay taxes, they pass them on to us.

But they WANT them to pass the taxes on to us...everyone will just stop driving if prices get too high.   

Of course, they haven't figured out how people will get to work, crops will get planted and harvested, and trucks will keep hauling everything everywhere...but Hey, we have too many people anyway, a little communist starve-off will be good for us.   

[Randy]

When, when, when will they realize that big corporations don't pay taxes, they pass them on to us.

But they WANT them to pass the taxes on to us...everyone will just stop driving if prices get too high.   

Of course, they haven't figured out how people will get to work, crops will get planted and harvested, and trucks will keep hauling everything everywhere...but Hey, we have too many people anyway, a little communist starve-off will be good for us.   

And for them no worries. Their government filled Limos will still run.

[JohnnyReb]

When, when, when will they realize that big corporations don't pay taxes, they pass them on to us.

Probably that morning they first hook their fat wife up to the plow so they can plow the back forty.

[NHSparky]

Amazingly enough, back in CA not long ago, the AG there had several investigations at a not inconsiderable taxpayer expense trying to prove price gouging.

The result of millions of dollars and thousands of man-hours of labor?  Not ONE SINGLE allegation was shown to have merit.  IOW, no price gouging ANYWHERE in CA.  EVER.

Yet we're supposed to believe the people who brought us the Windfall Profits Tax of 1978 and the subsequent lines which it caused?

Pardon me while I stock up on fuel, food, and ammo.