Remember -- a tax on oil companies translates to a tax on you, because such costs of doing business are factored into the price of products.

Declaring a new direction in energy policy, the House on Saturday approved $16 billion in taxes on oil companies, while providing billions of dollars in tax breaks and incentives for renewable energy and conservation efforts.

Republican opponents said the legislation ignored the need to produce more domestic oil, natural gas and coal. One GOP lawmaker bemoaned "the pure venom ... against the oil and gas industry."

The House passed the tax provisions by a vote of 221-189. Earlier it had approved, 241-172, a companion energy package aimed at boosting energy efficiency and expanding use of biofuels, wind power and other renewable energy sources.

"We are turning to the future," said House Speaker Nancy Pelosi.

And the future is higher taxes, higher spending, and higher prices. Sounds like a return to the failed Democrat policies of the past.

Posted by: Greg at 12:43 AM | No Comments | Add Comment
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