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Home Front Economy
House Approves Taxes on Oil Companies
2007-08-05
WASHINGTON - 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.
Sooo, I guess the Democrats really do want to see gasolene and oil product prices skyrocket. Taxpayer funded boondogles for the "alternative energy" cultists. This is bad legislation. I hope it doesn't pass the Senate.
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."
Can I get an Amen?
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.
Posted by:Deacon Blues

#14  The second paragraph (all of it) of the Declaration of Independence is looking better and better all the time, even with the extreme disruption of virtually everything that will occur. The current Democrap party doesn't have a combined IQ above the "moron" stage. Their willingness to do stupid things for partisan political gain make them unfit to participate in government (this also holds true for a few dozen Repuglycons as well). One of those unbreakable laws of nature is that if you push too hard, something will give. The Dummycritters are pushing way too hard against too many different points. Expect some tension to be released - very soon.
Posted by: Old Patriot   2007-08-05 21:28  

#13  These alternative and "renewable" energy sources are not economically viable so the Government, in it's infinate wisdom, will force taxpayers to throw money down a black money hole. These things will be more economical once the Government has destroyed the oil companies through killer taxation. There are only two sources of energy that are profitable at the moment. These two are also the most efficient sources. They are fossil fuels and nuclear energy. Until someone can find a way to make ethanol as efficient as gassolene that will continue to be treu except for governmental intervention on the side of ethanol. At what point do we, as taxpayers, discontinue the practice of subsidizing alternative energy sources? We won't. It's a cash cow for congressional pals and a sure-fire way to get the votes of the Gaia First crowd.
Posted by: Deacon Blues   2007-08-05 17:41  

#12  Stupid. Very stupid.
Posted by: newc   2007-08-05 17:12  

#11  We already have brand new "standards" for "energy saving" appliances. As a result, Consumer Reports is unable to recommend a new washing machine - at all. None work as good as last year's models, but they do use less electricity. I feel so much better!

Like the early low-flush toilets - they use less water each flush, sure, but ya gotta flush 'em two or three times.

Genius.
Posted by: Bobby   2007-08-05 16:33  

#10  Could someone photo shop a barn full of Methane Gas Cows with gas reclaimers over their butts and mouths, similar similar to a milk barn?

Then put a dome above the barn similar to the Congress building. And, and, and then put Reid, Polosi, and Murtha faces on them and one blue ribbon gas cow with Kennedy's face on that one?

Well, drop the faces, I need to send this in to Congress to get an appropriation of, oh maybe 10 million dollars for this alternative fuels project, don't you know.

This congress would buy that bs idea, so I'm cashing in!
Posted by: Clealing Bluetooth4471   2007-08-05 16:08  

#9  This is nothing but a stunt by the Dems. They are counting on GWB to veto it and save them from their stupidity.

That way they can go back to the Kos Kids and say "Look! We tried, but that evil BushHitler kept us from doing what you wanted. Please send more money!"

Pray we do not get a Democratic president in 2008.

Al
Posted by: Frozen Al   2007-08-05 14:43  

#8  Congress could open more US territory to energy exploration, but that's off the table. Imported petroleum prices will rise very very high no matter what our esteemed and exalted congressional representatives do. Congress is taxing the companies which produce or deliver the products, this effort is always popular among the ignorant, Congress dare not tax at the point of sale lest their incumbency status be adversely affected. The tax breaks & incentives are merely boondoggles for special interests, and if they accomplish anything, will only waste more energy resources than they produce. Peak Oil is either in operation now, or very close to starting. Get your summer driving in while you still can.
Posted by: Anguper Hupomosing9418   2007-08-05 14:01  

#7  Penguin, what have you got ? I'm willing to invest in new tech.
Posted by: wxjames   2007-08-05 13:57  

#6  House on Saturday approved $16 billion in taxes on oil companies.... which the oil companies will simply pass on at the pump.>
Posted by: Besoeker   2007-08-05 13:54  

#5  Mark my words. By 2009 there will be viable electric personal transportation for the average American consumer. There are plenty of reasons for naysaying, but trust me, it will happen.

Posted by: Penguin   2007-08-05 13:34  

#4  I listen to Larry Kudlow, so I am qualitied to teach Retail 101.
When a tax is imposed upon a corporation, the corporation can either reduce the dividend paid to stockholders, or increase the price of their goods. Corporations that pay no dividends have no choice. Conclusion : The price of gas at the punp will directly reflect the increase in taxation, and you and I, fellow citizens will pay that tax.
To the Congress I say; Election day, 2008 is approaching. Your ass is grass and we are the fuckin lawnmower.
Posted by: wxjames   2007-08-05 13:07  

#3  Yah, they think the only "moral" way to pay for oil is to shut down local production and sell their children to the overseas producers.
Posted by: Abdominal Snowman   2007-08-05 12:48  

#2  "It's about our children,"

Well, that settles it!
Posted by: Raj   2007-08-05 12:29  

#1  Anyone know what precisely is taxed? Local production or at the point of sale?
Posted by: Abdominal Snowman   2007-08-05 12:24  

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