Liberally Conservative

"Freedom is never more than one generation away from extinction. We didn't pass it to our children in the bloodstream. It must be fought for, protected, and handed on for them to do the same, or one day we will spend our sunset years telling our children and our children's children what it was once like in the United States where men were free....... ~Ronald Reagan~

Thursday, April 27, 2006

Congressional Republicans Have Gas!

Ronald Reagan favored, and any respectable conservative favors deregulation, respecting free market enterprise. Self-respecting conservatives don't allow FDR business regulations that border on totalitarian tactics, to control businesses with government taxes and authoritarian rule.
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A vote is possible as early as this week on the Senate GOP approach, which calls for $100 rebate checks for taxpayers to cushion the impact of higher gasoline prices. These are publicly traded business, with shareholders. Unless there is law breaking, something congress has never been able to prove, then ridiculous calls to ignore facts and play politics is harmful and embarrassing.
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Senate Republicans also favor extending a tax break that manufacturers receive for each hybrid vehicle they make, and want President Bush to suspend deliveries to the nation's strategic petroleum reserve for six months. Hybrids haven't proved they are completely reliable and congress shouldn't be dictating what car manufacturers produce.
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This is an election year and panic is setting in. Republicans are in a mess because they mismanaged their roles as tax cutters and keepers of tight budgets. They have become their own enemy and are using oil companies as their whipping post.
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One Democrat actually has a plan. PRICE MANIPULATION! Sen. Bob Menendez, D-N.J., has proposed a 60-day suspension in the federal tax on gasoline and diesel, a holiday that he says would cut the cost of gasoline by more than 18 cents a gallon and reduce the price of diesel fuel by more than 24 cents a gallon. Why not cut the taxes on gasoline permanently, that would help consumers and produce more revenue in the long run.
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Look at the hypocrisy, which really demonstrates politicians remain clueless. Both Republicans and Democrats said they planned to support rescinding the $2 billion in tax breaks, which included subsidies for exploration in deep waters of the Gulf of Mexico and in geologically or politically difficult regions of the world, as well as royalty relief for certain oil and gas exploration. Executives of the major oil companies said at a recent hearing they do not need those tax breaks.
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Gas prices are soaring, congress is angry over companies showing huge profits (they prefer Enron type entities) and they already provide incentives to big oil who said they didn't need the breaks.
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House and Senate conferees, as part of a broader tax package, were also considering a measure that would change accounting rules involving oil held in inventory, which would force the five biggest oil companies to pay an additional $4.3 million in taxes. Congress wants to suddenly change accounting rules, singling out five companies. This type of policy switch flies in the face of supply and demand, which is set naturally by the markets.
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Desperate politicians enjoy tossing out huge numbers so the average citizen feels they are being gouged. Larges profit numbers are simply proportionate to large revenues, matched by very large expenses. If congress is so upset with profits why did they originally legislative tax incentives to the same people they are now taking to the wood shed?
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Congress should immediately authorize drilling in Anwar, and off the Florida coast. If we have oil available in the ground, it's our responsibility to safely retrieve it, not prevent the businesses we rely on to be handcuffed and dragged through the politically mud.
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It would be interesting to see who in congress owns Exxon or other oil company stock. My recommendation, purchase Exxon stock, it's currently rated as a very "strong buy."

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