Democrats double down on dumb energy policy

AP/Fox News:

With gasoline prices topping $4 a gallon, Senate Democrats want the government to grab some of the billions of dollars in profits being taken in by the major oil companies.

Senators were to vote Tuesday on whether to consider a windfall profits tax against the five largest U.S. oil companies and rescind $17 billion in tax breaks the companies expect to enjoy over the next decade.

"The oil companies need to know that there is a limit on how much profit they can take in this economy," said Sen. Richard Durbin of Illinois, the Senate's No. 2 Democrat, warning that if energy prices are not reined in "we're going to find ourselves in a deep recession."

But the Democrats are going to have to overcome staunch Republican opposition to any new taxes on the oil industry. The five largest U.S. oil companies earned $36 billion during the first three months of the year.

Majority Leader Harry Reid, D-Nev., will need 60 votes Tuesday to proceed with the oil tax legislation in the face of a threatened GOP filibuster. If he doesn't get 60, he likely will pull the bill from the floor.

Only last week, Reid was forced to withdraw a measure aimed at addressing global warming, falling short of the 60 votes needed to advance that legislation.

The Democrats' energy package also would:

— Make oil and gas price gouging a federal crime, with stiff penalties of up to $5 million during a presidentially declared energy emergency.

— Authorize the Justice Department to bring charges of price fixing against countries that belong to the OPEC oil cartel.

— Require traders to put up more collateral in the energy futures markets to curb speculation.

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Democrats are responsible for high gas prices. Their restrictions on the supply together with rising demand outside the US drove the price of crude to record levels. Their conservation strategy is in tatters, because they cannot impose it on China and India. Their strangulation of all energy supplies are causing these high prices and they are the ones who should be paying a political price for nonsense like this ridiculous bill.

One of its obvious problems is that it will make it even more difficult for US energy companies to explore for new production by confiscating profits that would have been invested in a new supply. They already know that the market is setting the price for crude. another investigation will only confirm that fact for them to ignore again.

The voters are getting wise to the Democrat energy scam. they are not going to be able to get away with demagoguery on this issue this time. The GOP should use this bill in an ad to demonstrate how boneheaded the Democrats are on this issue.