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May 8, 2008
Senate Jacks Up Gas Prices
Posted by Dave Blount at May 8, 2008 7:25 AM
Think gas prices are too high? If so, it's a shame you're not in the Senate, which instead of lowering prices by lifting unnecessary drilling restrictions is effectively jacking them through the ceiling by raising taxes on oil companies:
Democrats in the Senate Wednesday unveiled a new energy package that would revoke $17 billion in tax breaks extended to big oil companies like Exxon Mobil Corp and slap a 25 percent windfall profits tax on firms that don't invest in new energy sources.
This is Harry Reid et al.'s idea of moving to lower prices. How stealing oil companies' profits and forcing them to pour what they have left down alternative energy rat holes will lower prices is left for voters to figure out.
On a tip from General Jack D. Ripper.
