Senators Warn Bill Could Spike Gas $1.50 To $5 A Gallon

Get ready for it folks. The Lieberman-Warner Climate Security Act (S. 2191) is the bill that is going to cost you more at the pump while at the same time not doing a damn thing to influence climate change. Why? Because we humans cannot control our own sun, that’s why.

But that’s a scientific debate that I’ve covered elsewhere on this blog. The economic realities of what Congress is about to screw us with is here:

Worried about gas prices hitting $4 a gallon and beyond? Imagine if they were $6, $7 or even $8 a gallon. Those levels are a certain possibility should Congress pass cap-and-trade legislation, which could face a vote in early June.

Oil is trading at record levels, in excess of $120 a barrel. Leading Republican Sens. James Inhofe (Okla.) and Jeff Sessions (Ala.) both told the Business & Media Institute (BMI) energy prices would drastically increase if the Lieberman-Warner Climate Security Act (S. 2191) is signed into law.

“The studies show it would be directly affected, would be a $1.50 a gallon, in addition to what it is today,” Inhofe, the ranking Republican on the Senate Environment and Public Works Committee, said to (BMI).

Let’s see, currently, gas prices are pushing $4.00 a gallon. Adding $1.50 to that is $5.50 a gallon. And since supply is nowhere near keeping up with demand, expect it to go even higher.

This is a bill that will do nothing except further erode the American economy and cause more unemployment and other losses. But I doubt those who will be responsible for these consequences will be stepping forward to admit that they did so. They will find other excuses or other reasons to deflect the blame.

This bill must be defeated.

More:

Gas prices have been one of the most reported news stories of the past several years. Reporters have repeatedly warned of prices approaching the levels Inhofe and Sessions warned about. However, journalists have consistently complained about oil company profits, not taxes, making gas prices higher.

On NBC’s May 15 “Today,” host Matt Lauer interviewed ExxonMobil (NYSE:XOM) CEO Rex Tillerson. Lauer quizzed Tillerson on oil companies’ profit margins and higher gas prices, but Lauer didn’t ask Tillerson about the potential impact Lieberman-Warner would have on the price of gasoline.

“Well, the problem we have right now, and fortunately we have several months before the election, to make sure the American people know that this is a supply problem that is causing the gas prices to go up,” Inhofe said to BMI. “You know the Democrats, right down party lines – they do not want to drill in ANWR, they do not want to drill offshore. They don’t want the tar sands. They don’t want more energy. And they don’t want refinery capacity.”

The Senate defeated a measure to drill in ANWR on May 13. The vote, an amendment to another bill, was killed by a vote of 42-56, largely along party lines. Only one Democrat voted for the amendment, Sen. Mary Landrieu (D-La.), and five Republicans voting against it.

You can access the complete article on-line here:

Senators Warn Bill Could Spike Gas $1.50 To $5 A Gallon
By Jeff Poor
Business & Media Institute
May 15, 2008

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