Dems' Energy Plan: Tax Hike, Slush Fund, More Foreign Oil Dependency

Dems' Energy Plan: Tax Hike, Slush Fund, More Foreign Oil Dependency

The Democrats today pushed through the House of Representatives their energy package, which, among other things, levies billions of dollars in energy taxes on the American people. U.S. Rep. Dave Weldon, M.D. (R-FL) today issued the following statement in response:

"It only took 14 days for the new Democrat majority to pass their first tax increase. And it's a whopper: a new 17% tax on a barrel of domestic oil. Imported oil gets a free ride.

"Of course, they'll spin the $9 more per barrel of oil as a tax on oil companies, but everyone, with the ‘apparent' exception of congressional Democrats, knows that the more a barrel of oil costs, the more you and I pay for gas.

"Unfortunately, this ill conceived piece of legislation gets worse. At a time when Americans are seeking ways to reduce our reliance on Middle East oil, the Democrats pass a measure that will make OPEC nations blush. Here's the bill's fine print:

- Levies a $9 per barrel domestic oil tax - this will be passed on to American consumers at the pump.
- Uses the higher taxes to create a $15 billion slush fund for future, undefined spending.
- Renders the U.S. more dependent on foreign oil by making it more expensive to find and develop domestic energy sources.
- Raises taxes on U.S.-based refiners, forcing them to pay higher taxes than other manufacturing companies. This will make it cheaper to locate new refineries overseas rather than here in the U.S., and will jeopardize $30/hour American jobs.

"Even the liberal Washington Post - no friend of oil companies - criticizes the Democrats' ‘heavy-handed' bill, calling it a ‘missed opportunity' and a ‘half measure' that would be ‘welcomed in Russia, Bolivia, and other countries' that attack private enterprise."

http://weldon.house.gov/News/DocumentSingle.aspx?DocumentID=55891