Back To The ’70s?
The Bear on Apr 24 2008 at 2:30 am | Filed under: Energy Policy
Oil Shock: When it comes to energy policy, Democrats always talk a good game. But look at their actual record while in control of Congress in the last year and a half. It’s been nothing short of disastrous.
Wasn’t it two years ago that then-Minority Leader Nancy Pelosi vowed, if her party took over Congress, to cut energy prices — especially gasoline?
“Democrats have a common-sense plan to help bring down skyrocketing gas prices by cracking down on price-gouging; rolling back the billions of dollars in taxpayer subsidies, tax breaks and royalty relief given to big oil and gas companies; and increasing production of alternative fuels,” Pelosi wrote back in April 2006, as part of her efforts to convince Americans to elect Democrats.
How’s that working for you? As the chart below shows, the cost of energy — measured by the price of West Texas Intermediate crude — is up more than 70%.
Under Pelosi’s “common-sense plan,” Congress has achieved nothing. Actually, less than nothing, considering that what little has been done has hurt, rather than helped the U.S. to become more self-sufficient.
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Ironically, we have plenty of oil — at least 10 billion barrels in Alaska’s National Wildlife Reserve, 30 billion or so offshore and a whopping 1.2 trillion in Rocky Mountain oil-shale. But Democrats’ extreme green ideology keeps us from drilling for it.
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