TAX: (noun) a burdensome charge, obligation, or duty demanded by a government (verb) to lay a burden on; make serious demands on; to take to task; censure; reprove.
Washington, DC – The Institute for Energy Research (IER) today called on the U.S. Senate to stop the political charade and address the real issues surrounding high energy prices. S. 3044, the bill being debated on the Senate floor today, would increase taxes and federal government regulations on American energy production and do nothing to lower American’s energy bills. The Institute’s senior vice president for policy, Daniel Kish, issued the following statement:
“Skyrocketing energy prices act like new taxes on American families, eating away at disposable income and straining budgets from week to week and month to month. That’s a fact that millions of American families experienced during the energy crises of the 1970’s, and millions more are experiencing today. Congress needs to learn from the mistakes of the past, not repeat them, as the Senate is poised to do today.
“This bill will increase taxes, regulations, and the number of trial lawyers employed in the United States, but it will not increase our energy supplies. Attempting to fix America’s energy problems in this fashion is like treating obesity with a prescription for donuts and double-cheeseburgers. You don’t need to be a doctor to know that such a prescription would make matters worse, not better.
“Simply put, America needs more American oil, gas, coal and nuclear energy. Unfortunately, there are very few profiles in courage on Capitol Hill who are willing to do the right thing and legislate accordingly. If this is the best the American people can expect from Washington, they should expect $4 per gallon to be the new standard.”
S. 3044 would institute a windfall profits tax, new price gouging and speculation regulations, and a mechanism for the U.S. to sue OPEC over high oil prices. It does not, however, create any new American energy supplies.
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The Institute for Energy Research (IER) is a not-for-profit public foundation that conducts intensive research and analysis on the functions, operations, and government regulation of global energy markets. Founded in 1989, IER is funded entirely by tax deductible contributions from individuals, foundations and corporations. No financial support is sought for or accepted from government (taxpayers).