Victory! Late last night the Senate held a vote on legislation thatwould have implemented President Obama’s desired taxincrease on America’s energy companies. Thanks to the efforts of many,including concerned taxpayers and NTU members, the vote did not succeed - by a marginof 52-48 the U.S. Senate put an end to the proposed tax hikes.
NTU Executive Vice President Pete Sepp, and Vice Presidentof Government Affairs Andrew Moylan, took to the media to counter pro-taxmisinformation that claimed the debate was about ‘oil subsidies’. Even MediaMatters came to the aid of the President, attacking NTU’s efforts, but wereswiftly countered.
An apparent response to rapidly rising gas prices, the taxpackage would clearly have done nothing to alleviate that situation, likelymaking things worse.
The only real solution to the issue of rising gas prices,increased supply, suffered a setback as well. A Republican plan to reducebureaucratic hurdles for new drilling permits was defeatedin the Senate.
While economically damaging tax hikes were avoided, anall-of-the-above energy policy, and corporate tax reform, that would trulysolve America’s government imposed energy crisis are a ways from reality.