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The House of Representatives passed the energy tax bill yesterday. The White House has threatened to veto the bill, but this one probably won't make it as far as the president's desk. Other bills similar to this energy tax bill died in the Senate but with $102 barrels of oil and $4 gallon of gas not out of the question, some extra political support might be behind the bill this time. Stay tuned.
[Source: Bloomberg]


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    • 1 Second Ago
  • 6 Comments
      • 4 Months Ago
      mrbell, please see MarkR's post. It's just slightly above yours and contains valid and pertinent information on the topic.

      With the stagnating US economy (largely thanks to higher gas prices, mind you!), the last thing the Prez and other lawmakers want to do is raise taxes that will keep consumer money from making it into the marketplace.

      Depending on how you look at it though, will they spend that extra money on things that will (only slightly) help the economy or will they just have to spend it on gas as the prices increase regardless? His stance isn't stupid, it's just a short-term patch that nearly EVERYONE seems to want these days.

      We *need* gas prices to skyrocket [more] in order to force a larger shift into renewable energy. Everyone will have to 'suffer' for a while, but we'd only emerge stronger in the long term. It will allow/force us to adapt, and unless I'm completely mistaken, that is what the human species has done best for around 200,000 years.
      • 4 Months Ago
      You forgot to mention why Bush would veto. or did you do that on purpose? Its always interesting to see how writers frame things to get the shock and awe they want and show a little of their bias. but it is a blog so its up to your readers to get the real story behind it, and in this case its a tax increase thats pulling the bill down and the reason it may not even make it through congress.
      • 4 Months Ago
      Bush has used the veto less than any other President in recent memory mrbell so you're off base. Apply a tax increase on gasoline and we will all start looking for an increase in our income to compensate. Bottom line is an increase in inflation and the government has more money to spend on foolish "ear marks". Politicians are exactly the wrong people to decide which renewables rate support.
      • 4 Months Ago
      Listen, I am not a big fan of President Bush myself, I don't deny or hide that, but I am a believer in "give credit where credit is due". To that end I have to agree with everyone who has posted a comment here (except for mrbell321). Yes, Bush has made some bad decisions, Iraq being the most notable, but he isn't as bad as we all portray him to be. Yeah I poke fun at him all the time, but on instances that make sense, like his decision to veto this bill, I applaud him. I want the US to make a shift towards green energy as soon as possible, but Rojo makes a good point, we need to reach the tipping point before that can happen.

      So my advice to anyone who doesn't feel Bush is making the right decision: get informed and involved. Our political system is far from perfect, but its also really far fro terrible. Speak to your representatives and make your voice heard. Research the topic and instead of complaining about the issues, offer solutions. In no way is this meant to be an attack at anyone, but rather a statement of my own beliefs. We are a government founded on serving the people, and listening to the people but you will never be heard if you don't speak up.

      Make a statement today about your independence on oil and just go electric. If you are worried about all the nay-sayers who say that driving an EV is more destructive than an equivalent ICE vehicle because of the emissions from the coal fired power plant, than charge your batteries with solar. Electric cars aren't even that expensive if you need local transportation. The Xebra, from ZAP! (www.zapworld.com) is a great option for most local transportation.

      So instead of pushing the immediate blame on our political system (not that they don't deserve a great deal of scrutiny) we should just make the changes ourself. I should stop now.
      • 4 Months Ago
      ``The bill would use the tax code to target tax increases on a specific industry in a way that will lead to higher energy costs to U.S. consumers and businesses,'' the White House said in a statement threatening a veto.

      Yes but its a wash b/c more of the tax burden will shift from individual taxpayers to energy companies who will pass a portion of the increased costs on to consumers.

      So how is that of benefit? Because unsubsidized, i.e. energy w/o tax credit incentives, will be market-correct and thus higher. This will spur more investments in alternative technologies and more judicial use of fossil fuels.

      If you want to look at the antithesis of this go no further than Iran and Venezuela where they subsidize gasoline so it can cost only 11 cents a gallon. In that situation consumers have no incentive to conserve at all which drive up demand and tax revenues needed to cover the subsidies.

      The absolute best thing we can do in this country to develop a green sustainable economy initially would be the abolishment of all tax credits, subsidies, and "royalty relief" when it comes to fossil fuels and use that money in either as tax relief or investments in renewables.
      • 4 Months Ago
      The reason Bush would veto is because it's the only thing he knows how to do properly. He really has done nothing for the country lately so his only course of action is to prevent other people from making changes. I doubt he even read the bill
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