Is It Live, Is It Memorex, or Is It Congress Trying to Raise Energy Taxes?
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Some people in Washington are trapped in the 1980s and treat legislation like it’s a cassette tape. If a bill doesn't go over well the first time, they hit “rewind” and try again.
Today, a bill that would raise taxes on oil and gas companies failed in the Senate again. Senator Robert Menendez’s (D-NJ) bill has been offered once before, not to deal with the problem of gas prices, but to score political points. National Journal’s Amy Harder lays out the politics:
Its failure was always expected, but the debate throughout the week and vote on Thursday gives lawmakers a platform to air grievances about what the other party is doing (or not doing) to alleviate voters from pain at the pump.
However, the Congressional Research Service found Americans wouldn’t be helped. Their report said that these tax increases “would make oil and natural gas more expensive for U.S. consumers and likely increase foreign dependence.”
Today, the President hit the rewind button too. In another energy speech, where he talked about high gas prices, President Obama again asked Congress to raise energy taxes.
Thankfully the Menendez bill went down. Maybe now Congress will ditch that cassette tape, pull out their iPods, and enter the 21st Century by putting together an energy playlist that could lower gas prices instead of raise them.