The AP reports that gas prices have hit a new record high. This record comes 14 months after Democrats took control of Congress while promising the American people lower gas prices.
The Reality? Leaders of the Majority in both the Senate and House have so far only offered tax increases, not solutions.
For the third time in 14 months, the Majority in the House has passed a bill that targets U.S. oil companies' ability to increase oil supplies and reduce our dependency on foreign energy. The bill includes an $18 billion tax increase, an expense likely to be passed on to consumers. And the proposal subsidizes the U.S. operations of foreign oil companies (like Citgo, controlled by the Socialist dictator Hugo Chavez), by only targeting tax increases at American companies.
The editor of Forbes Magazine wrote:
...Foreign oil companies with US production will actually pay a lower tax rate than American companies. How can members of Congress support legislation that will reward companies such as Citgo, while placing U.S. companies at a competitive disadvantage? In their zeal to punish "big oil" members of Congress have made a mockery of our energy policy.
If congressional leaders succeed in this approach, it will set a terrible precedent for greedy politicians to start targeting specific companies as their source of revenue. Energy policy is not a game of diplomatic dodge ball - the federal government can not pick and choose winners and losers. …
It's time for the Majority in Congress to keep its promises. Help lower gas prices by increasing the supply of oil right here at home.