OK, Now We’ve Stimulated, Let’s Destimulate

By February 11, 2008Energy, Taxation

From E&E Daily (subscription only):

House Democrats plan to put “big oil” in the cross-hairs this week with a new bill on the floor, but it remains unclear if the Senate intends to follow suit. Democratic leaders are scheduled to bring an energy tax package to the floor that would extend renewable power incentives and offsets the costs by repealing oil industry tax breaks.

Earlier reports suggest the legislation will resemble the $21 billion in tax increases the House supported in last year’s energy bill, but which were rejected by the Senate.

Democratic leadership in the House claims to be motivated/angered by the high price of fuel. How exactly does raising taxes on oil production lead to lower prices at the pump?

Also, the American Petroleum Institute has a new podcast up, an interview with Ben Stein on the importance of the oil and gas industry in keeping America prosperous. “We would not have any way of life besides chaos, endless civil war and bloodshed without an abundance of oil and natural gas. Important doesn’t even start to convey it. It’s like say how important is heartbeat to gas,” Stein says… “It takes an incredible lot of work by an incredible lot of people to get that oil and natural gas in its ultimate usable forms to us.”

UPDATE (10 a.m.): Name of the bill is the Renewable Energy and Energy Conservation Tax Act.

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