Weblog Commenting and Trackback by HaloScan.com The Barnyard: Getting Energy Policy Right, Not The Gang Of Ten

Tuesday, August 19, 2008

Getting Energy Policy Right, Not The Gang Of Ten

The Gang of Ten refers to a bipartisan group of the Senators, five Dems, five GOP, that have attempted to build a compromise energy bill that is long on taxes, regulation and subsidies and remarkably short on production. My friend at the American Petroleum Institute forwarded a letter to me sent from their CEO to the Gang of Ten and it mirrors many of the arguments I have made here. Its in PDF form so I can't copy and paste any of it so go read it. I agree with every word of it.
The House GOP is continuing their protest on the House floor for a vote on the American Energy Act, a do it all approach, while the Democrats take a vacation and their leader Nancy Pelosi jets around the country trying to sell her book. Americans are not going on vacation and are watching the price of everything go up thanks to the price of energy. The more American energy mantra is growing stronger by the day and has the Don't Drill Democrats(DDD) on their heels so be ready for lots of smoke, mirrors and spin as they try to get out of this political squeeze. They will offer limited new drilling areas in return for a windfall profit tax and even more regulations like those measures worked for Carter. In truth more domestic energy exploration will do more to increase government revenue than taxing the oil companies more by increasing the amount of jobs involved and keeping all that money in the US instead of sending it overseas. Plus it will reduce what the government has to spend to keep the Strategic Reserve filled, the military fueled and government buildings lit.
The Democrats clearly do not understand basic economics if they can't get that through their minds. Cheap plentiful energy means a healthy economy which also increases government revenue just as reducing taxes does. I hope the GOP doesn't roll over on this and capitulate to the Dems, this issue is resonating and the GOP has the upperhand at the moment and they better run with it and hard.
Sidenote: This has been the coolest summer I have experienced since moving to California, fewest hundred degree days. Heck it is mid August and my AC isn't on, no complaints.

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