A BAD ENERGY BILL
December 6, 2007
House Democrats want an energy bill that would raise $21 billion in taxes, mainly from oil companies, and impose new mandates on utility companies by requiring increased use of renewable fuels. This is bad legislation no matter how you look at it, says the Washington Times.
- One of the most overly ambitious provisions in the bill is the blow to utility companies requiring them to obtain at least 15 percent of their power from renewable sources such as solar energy, wind and geothermal energy.
- This proposal would cause disproportionate harm to utility companies in the South, where wind resources are fewer, and the Southeast, where geothermal energy is much less prevalent than other areas of the country.
- The bill is a tax package that would remove allowances granted to five major oil companies and also impose higher taxes on oil companies investing in foreign lands.
- The 10-year, $21 billion tax increase, could be passed on to consumers just as the cost of energy is on the rise.
- Noticeably absent from the bill is a concrete proposal to decrease U.S. dependency on foreign oil, such as opening up the Arctic National Wildlife Refuge for oil drilling.
Source: Editorial, "A bad energy bill," Washington Times, December 6, 2007.
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