Window to the future; Democrats raise taxes on Big Oil

Completly ignoring the basic laws of economics, Congressional Democrats voted yesterday to increase tax on oil companies by $16 billion. Of course this move comes at a time when oil prices reached an all time high price of $75.48 per barrel at Friday’s market close. So who can expect to pay this tax increase? Who else?

The Washington Examiner writes about the House vote ;

Declaring a new direction in energy policy, the House on Saturday approved $16 billion in taxes on oil companies, while providing billions of dollars in tax breaks and incentives for renewable energy and conservation efforts.

Republican opponents said the legislation ignored the need to produce more domestic oil, natural gas and coal. One GOP lawmaker bemoaned “the pure venom … against the oil and gas industry.”

The House passed the tax provisions by a vote of 221-189. Earlier it had approved, 241-172, a companion energy package aimed at boosting energy efficiency and expanding use of biofuels, wind power and other renewable energy sources.

But the money quote from Nancy Pelosi is this one;

“We are turning to the future,” said House Speaker Nancy Pelosi.

Turning to the future, huh? By using the failed policies of the past. That’s our future, readers, more taxes and more punishment for consumer by a populist Congress who operates on one-line sound bites that sound good in your ear but bite you in the pocket.

The Washington Times writes;

Democrats said the energy package is a step toward weaning the nation off fossil fuels and their emissions, which many scientists blame for global warming. They also say the proposal will create jobs in the growing renewable energy industry.

“Energy independence is a national security issue, an environmental and health issue, an economic issue and a moral issue,” said House Speaker Nancy Pelosi, California Democrat. “We must strengthen our national security by reducing our dependence on foreign oil.”

But isn’t it odd that the legislation doesn’t address our own reserves – seems drilling our own oil sources in Alaska would wean us off of foreign oil, too. Or drilling the same areas in the Gulf of Mexico that China and Cuba are drilling right off our shores.

But, no, it’s easier to raise taxes and punish consumers than to actually create an effective energy policy. It sounds better on the evening news to those Prius-driving hippies who are still watching the evening news.

Can anyone explain to me and my readers why forcing a windfall tax on oil companies helps the American people? Without making government into some grand charitable organization, I mean. And what does government do to justify it getting $16 billion dollars from oil companies? Those resources belong to the American people – not our government – yet no one among us, the American people, are going to see even a penny of the money. Because Democrats think all money is the government’s money.

Seems to me that those hypocrits who are always complaining about Republicans who try to legislate-away bad behavior would criticise the Democrats for legislating behavior, too.

Category: Economy, Politics, Society