Gang of 10 Energy Bill: Full of Bad Ideas

Three details about the Gang of 10 energy bill:
1) It allows a limited amount of offshore drilling.
2) It includes a massive program to subsidize alternative energy sources and vehicles.
3) And, it imposes tax increases on the oil industry.

Research paper: http://is.gd/2syz

Category:

News & Politics

Tags:

• gang
• of
• 10
• tax
• increase
• oil
• industry
• offshore
• drilling
• alternative
• energy
• subsidies
• ben
• lieberman
• heritage
• foundation

[ubuibiok]

Biased Pro Oil Stand....

[frankodelic]

The Heritage Foundation is a mouthpiece of the oil industry, so looks like this is a good bill to vote for. Thanks for the heads up.

[remotehog1]

@human4us this global warming is only temporary and will be followed by another ice age as the NATURAL cycle of our planet continues, this is also a science based fact.

[TheProsperer]

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[human4us]

Global warming is a science based fact with charts and temperature readings to prove it. A fact based on melting Glaciers receding around the world. A fact based on the Arctic melting and receding to the point Polar Bears are drowning trying to find Seals. A fact based on temperature measurements taken from our Oceans. It is an absolutely real and irrefutable fact and to ignore it, or struggle against it is the epitomy of ignorance mixed with selfish greed.

Signed: Joseph Raglione

[balancedenergy]

While the current version of HR 2454 provides significant funding for carbon capture and storage technologies, the bills initial cap and timeline for action is unrealistic. Were afraid it will ultimately act as a deterrent to bring these technologies to market.

[tooomp]

I'm all for increasing taxes on oil companies?

They've been making a killing the last couple of years, why give them any tax breaks make them pay taxes like everyone else.

We need to get away from oil as a fuel altogether, it just leads to war and strife.

[L8nitedave]

WOW, I like it, except for that first provision, but a suitable compromise to fund the second one, with the help of the third. I would want to see the tax rise, and the infrastructure investment in alternatives rise as well. Just Like Cigarette Taxes.

THANK YOU SO MUCH for posting!!!

[hrminer92]

Oil is in USD as long as the Saudi royals want it that way - one of many reasons were's nice to them. I'm not sure what blogger started this idea that increasing oil production isn't going to help fuel prices, but they are ignoring many common sense factors.

[hrminer92]

Even if the oil is sold to other markets like what is done with Alaskan crude because it is closer to those markets, it's still a win because it increases export income. Also, all of the offshore oil and oil drilled from public lands generates royalty revenues for the US Federal Govt and the states no matter what market it is sold. Increasing supply will reduce market price and lower the cost of fuel for everyone.

[hrminer92]

That logic is flawed. If the customer pays the transportation costs, it will be in their financial interest to buy oil from the nearest terminal. They will be able to pay a slight premium for locally produced crude instead of shipping it 1/2way around the world. It's why 1/2 the US's refineries are along the gulf coast and they run pipelines to the terminals that distribute the oil brought in from the undersea pipelines from the wells in the Gulf of Mexico.