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April 24, 2008
“Is That All There Is?”
BIG hat tip to both Investors Business Daily and Peggy Lee for asking the obvious. It’s about time the old song had a subject worthy of its query… Pelosi’s energy policy failure!
Posted by Tina
“Democrats Fumble Ball On Energy” - Investors Business Daily
Surely the majority leader in the world's most important deliberative body should be able to come up with something better than what Pelosi and the Democrats have proposed. ** In a letter just this week to House Republican leader John Boehner, Pelosi touted an extensive record of energy success. But a look at Pelosi's "record" shows it to be pretty pathetic. ** She and congressional Democrats have pursued energy "price-gougers," even though more than 17 studies have shown the practice is virtually nonexistent; they've punished "Big Oil" with higher taxes, while handing subsidies to alternative energy; and they've sought to punish "market manipulators." ** None of these ideas work. Today, we have less energy and higher prices than before. Pelosi's party apparently suffers from a total lack of understanding of basic economics. When you tax and punish, you get less of something — not more. ** As we noted earlier this week, the price of oil has risen sharply since the Democrats, with their government-heavy energy schemes, took control of the House. Since January 2007, the first month for the Democrats in office, oil prices are up by more than 113%. And the price for a gallon of regular gas nationwide has surged from $2.29 a gallon to $3.47 as of April 21.
She now wants to do things like link arms sales to the Saudis with higher output for OPEC. …it would result in the U.S. being more dependent on foreign oil, not less.
The U.S. already gets 45% of its crude from OPEC. Should we now give them a stranglehold on our economy? ** Other Democrats seek to slap U.S. oil companies with windfall profits taxes, even though industry profits are just 8.3 cents on the dollar — about in line with the average for U.S. industry. Meanwhile, Ernst & Young reports, from 1992 to 2006, the five largest oil companies invested $765 billion, vs. profits of $662 billion. ** U.S. oil output has dropped 37% since 1988 to about 5.1 million barrels a day. Imports over the same time have surged 68% to 12.4 million barrels a day. These are not favorable trends.
Brazil recently announced it has found as much as 33 billion barrels of oil off its coast. Elsewhere in our own hemisphere, both Colombia and Peru have similarly had big oil and gas finds. ** It's no accident — they're looking for the stuff. Why aren't we? And why isn't Nancy Pelosi's Congress doing something to make sure we do?
AMEN!
Posted by Post Scripts at April 24, 2008 09:12 PM