House Speaker Nancy Pelosi (D-Calif.) and her allies are ignoring the message CCAGW members delivered loud and clear last December. Once again, Democratic congressional leaders are trying to raise energy taxes. We stopped them before. Help us do it again!
Tell your Representative to reject the $18 billion in tax increases in H.R. 5351, the Renewable Energy and Energy Conservation Tax Act of 2008!
What’s more, the nation is teetering on the brink of an economic recession, and raising taxes on oil and gas companies will jeopardize some of the six million jobs generated by the industry. These tax hikes will also depress the value of energy stocks, 41 percent of which are held in the pension and retirement accounts of average Americans and 30 percent of which are held in mutual funds.
More and more scientific studies are showing that biofuels, particularly corn ethanol, are not the panacea to solve our energy woes. Two studies from the February 8 edition of Science magazine point out that converting crops, such as corn, sugarcane, and palm oil, into fuel is inflating the price of food, causing shortages, and destroying forests. For those concerned about global warming, scientists are finding that some manufacturing of biofuels emits more CO2 than gasoline.
Taxing the oil and gas industry is an old and failed approach to energy “independence.” Despite the politicians’ professed aims, the “windfall” profits tax of the 1980s resulted in LESS domestic energy production and GREATER DEPENDENCE on foreign oil. Since the 1970s, Congress’ meddling in the energy marketplace has pushed America’s dependence on foreign sources of energy from 37 percent to 66 percent today.
Rather than recycling the failed policies of the past, Congress should adopt policies that allow the market to flourish, promote more domestic energy production, and stir competition. Such measures will help keep prices down and lead to the development of more viable alternative energy sources.
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