Pelosi Proposal Would Send American Economy Into A Depression

Nancy Pelosi seems to be getting desperate. The general view that the American public has of the current Democrat controlled Congress is that it is a do-nothing legislature completely impotent in it’s own world. Thus, she came up with H.R. 6, the Renewable Fuels, Consumer Protection, and Energy Efficiency Act of 2007. This bill is supposed to take us towards greater energy independence and less reliance on fossil fuels. Unfortunately for Ms. Pelosi, she does not understand economics nor does she have a grasp of history.

The National Taxpayers Union breaks down the problems with H.R. 6 here:

  • Huge Tax Increases — The House previously passed $14 billion in vengeful tax hikes on so-called “Big Oil.” Though billed as a way to move us toward energy independence, similar taxes in the past have simply reduced domestic oil production and increased oil imports. Congress ought not to repeat those mistakes.
  • Renewable Fuels Standard — Forcing Americans to consume 36 billion gallons of heavily-subsidized ethanol and other alternative fuels will serve to dramatically raise fuel prices, taxes, and food costs for everyone.
  • Renewable Portfolio Standard — Requiring that 15 percent of all electricity be produced by alternative sources will likewise raise utility bills, causing harm to those Americans who can least afford the additional expense.
  • Higher Corporate Average Fuel Economy (CAFE) Standards — Though raising CAFE standards may appear productive at first blush, ultimately this policy would have little effect on total fuel consumption while creating vehicles that are more expensive and less safe.
  • Price Gouging Language — There is no evidence that price gouging has taken place, even after disasters like Hurricane Katrina. Congress ought not to interfere with the delicate balance of energy markets.

These five items are all in H.R. 6. This bill needs to be defeated, or, if passed, vetoed.

You can access the original article on-line here:

An Open Letter to Congress: Taxes, Regulations, And Subsidies Are NOT The Answer For Energy Security!
National Taxpayers Union
December 3, 2007

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