This week the Senate is traveling back in time to debate Jimmy Carter’s favorite solution to the energy crisis: an oil windfall profits tax. According to the Congressional Research Service, Carter’s oil windfall profits tax failed to raise revenues, decreased domestic oil production, and increased American dependence on foreign oil. As Heritage senior analyst Ben Lieberman points out, their is a stark contrast between the liberal sponsored Consumer First Energy Act moving to the Senate floor and the conservative sponsored American Energy Production Act: We need fewer restrictions on domestic …
Fast becoming an official communications appendage of the Barack Obama campaign, the New York Times editorializes today on the “petty pandering” of Hillary Clinton’s and John McCain’s call for a suspension of the federal gas tax over the summer. Noting that the policy would not deliver lower prices for consumers, the Times asserts that “their demagoguery is growing into a real problem.” The New York Times is at least half right; demagoguery is a real problem that is threatening to significantly worsen our nation’s energy policy. But it is the …
