RSSLiberals Raise Taxes And Probably Prices
J.J. Jackson | January 20, 2007
Well, it has begun. The House under the leadership of Nancy Pelosi has essentially raised the cost of doing business for oil companies.
WASHINGTON Jan 19, 2007 (AP)— The House rolled back billions of dollars in oil industry subsidies Thursday in what supporters hailed as a new direction in energy policy toward more renewable fuels. Critics said the action would reduce domestic oil production and increase reliance on imports.
Even a basic knowledge of economics tells us that this will have certain effects.
First, as the cost to do business rises profits decrease. That means everyone with a 401K partially invested in oil stocks will be hit. All you union guys listening? Second, the oil companies will seek to recover some of this lost revenue which can only be done through raising prices. Third, with less disposable income exploration, research and development of new energy sources will slow.
The “critics” are right. What Nancy and the liberals have done is made us more beholden to foreign oil as any “alternative” and “renewable” fuels capable of running the massive U.S. economy are decades off. And even if they were sooner, Nancy would surely cringe at having to explain to the American people how they have to spend thousands of dollars to convert their existing vehicle to these “renewable” sources or even buy a brand new vehicle.
Fairness Doctrine mandated response by John Q. Liberal:
YOU’RE JUST A CARIBOU HATING NAZI! RAHHHHHHHHHHRR!!!!!!!
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