WASHINGTON (AP) – 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.
Let’s see. $16 billion. You don’t suppose that’s going to cause any price at the pump issues, do you?
And are we really saying that the government knows what to do about oil shortages better than the investors in those companies which are being taxed so? Forgive me if I don’t buy it.
Imagine the kind of exploration that could occur for $16 billion. Domestic drilling, for example.
And of course, I would expect the Democrats to label this “a new direction”… but perhaps someone can explain to me how Democrats raising taxes and stifling economic growth is anything new?
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