U.S. Senator Johnny Isakson, R-Ga., today voted to defeat a bill in the Senate that would have increased taxes on American oil and gas companies. Isakson argued that the proposed tax increases would do nothing to reduce $4-per-gallon gas prices, and he urged that the real solution to reducing the price at the pump must include developing all domestic sources of energy.
The Senate rejected a motion to end debate over the oil tax legislation, S.2204, which was introduced by Senator Robert Menendez, D-N.J., by a vote of 51-47. The motion required 60 votes to pass.
"As a businessman for 30 years, I learned that prices are determined by supply and demand. We can blame whoever we want for rising gas prices, but the fact of the matter is that supply and demand dictates price. We should robustly explore our domestic resources to lessen our dependence on foreign oil. All sources of energy that are safe and reliable should be promoted, including nuclear energy." said Isakson. "It's time for some in Washington to stop talking about developing all resources, but when it comes time to take action, they don't follow through--for example, the President last week only approving a portion of the Keystone XL pipeline. We owe it to the American people to honestly address cost of gasoline and develop our own natural resources here at home."
Isakson voted against raising taxes on American energy producers in March 2011. Isakson has been a strong proponent of the Keystone XL pipeline and co-sponsored legislation seeking to force the Obama administration to issue a construction permit for the entire Keystone XL pipeline project within 60 days.