It's Time To End Oil Subsidies
But many Republicans said it was too harsh on the oil industry and could lead to less production and higher gasoline prices.The part about less production and higher gasoline prices is nonsense, but I'm not sure taxing one group to finance another is the way to go either.
The struggle over the tax provision signaled that Democrats may have a hard time pushing through the broader energy bill, which tilts heavily toward promoting energy conservation and renewable fuels and away from support for traditional fossil fuels.
The democrats should be working on eliminating oil subsidies and advantageous tax law as it applies to the oil companies. The republican argument that the oil companies need incentives to explore for new oil is ridiculous on it's face. There is simply not enough unexploited oil in this country for any subsidy to make a difference in the cost of crude oil.
The bottom line is this, we are buying too much oil from the Middle East and to lower our consumption we need to raise the price. Raise the tax on gasoline to finance research and subsidize the work on renewable resources, but with strict controls. The market must determine the success of any new technology. Further, use the taxes to repair our infrastructure.
It is time to end all corporate welfare and to deal with our addiction to oil. We are subsidizing our enemies everyday at the gas pump. It's time to recognize this and deal with it.