“Repealing theses subsidies will help America invest in the $2.3 trillion clean energy economy that will create jobs right here in Virginia, bring us closer to energy independence, and reduce our reliance [sic] on high oil prices.”
I’ll set aside the Freudian slip about the “reliance on high oil prices” for now.
But I do wonder if Mr. Kaine and the rest of his party are taking their energy cues from Jimmy Carter. Remember the windfall profits taxes of the bad old days? Passed on Carter’s watch in 1980, the windfall profits tax had the effect of depressing domestic oil production and increasing our reliance on imported oil.
That should have been expected; raise taxes on something, and you will get less of it. But that’s exactly what Mr. Kaine proposes: single-out five oil companies for tax discrimination and they will produce less oil. Prices will rise as supply falls, pump prices will rise in concert and the only thing left will be even angrier (and poorer) motorists.
[Continue reading Norman Leahy’s post at Bearing Drift.]
Norman Leahy blogs at Bearing Drift. The Local Blog Network is a group of bloggers from around the D.C. region who have agreed to make regular contributions to All Opinions Are Local.