New Taxes, Less Supply: Independence as Collapse

By August 3, 2007Energy

The National Review Online fronts several pieces on the House energy legislation today.

  • An editorial, “Energize to Defeat This”. A point-by-point refutation of the mistakes, overreaching, and policy disasters waiting to happen. An excellent piece and clear conclusion:
    [Pelosi’s] energy legislation deserves to sink. It contains a multibillion-dollar tax increase, authorizes billions in new spending, and opens up taxpayer wallets to lawsuits over the government’s inability to meet its own global-warming goals. The nation’s energy needs are best met when Congress keeps its hands off the market.

  • House Republican Whip Roy Blunt (R-MO) comparing China’s energy-driven economy with the step-on-the-brakes approach promoted in the House, “A Tale of Two Cities“:
    [If] this bill becomes law, not only would we be surrendering our ability to produce the energy in the future needed to meet our growing demand, we’d actually be setting in motion a plan to ensure we produce less.

    Less energy means less economic output and fewer good-paying jobs for American workers — it’s that simple. But for those who remain unconvinced of the connection between economic advancement and access to energy, last week’s tumble on Wall Street should’ve provided all the proof they need.

  • Iain Murray, demolishing the canards about the legislation achieving “energy independence,” a piece, “Anti-Energy Bill“:
    By imposing new taxes on existing American energy firms, the bill will actually discourage new domestic energy production and discourage new investment in refinery capacity. This will assuredly raise, not lower energy prices.

    In turn, the new taxes will in fact drive American oil and gas companies abroad, and they will take American jobs with them. Furthermore, the measures will actually make domestic energy investment more expensive and less competitive in international markets. This will further degrade America’s existing energy infrastructure and have the perverse effect of making the nation more, not less dependent on foreign oil.

  • To contact your House member in opposition to the anti-energy legislation, please click here.

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