Wednesday, May 11, 2011

Oil Drilling in Virginia and U.S. - H.R. 1229 and H.R. 1231 - #2891 -VIDEO: Robert Hurt Delivers Remarks Regarding Rising Gas Prices on the House Floor (2) CRS: Dem Tax Hikes on Oil Producers Will Raise Prices, Increase Foreign Dependency - Hot Air


H. R. 1229 and 1231 - Robert Hurt Delivers Remarks Regarding Rising Gas Prices on the House Floor - Congressman Robert Hurt (R-VA) today delivered the following remarks on the House floor regarding rising gas prices that are affecting all Central and Southside Virginians. “Madam Speaker, all across Virginia’s 5th District people are suffering from skyrocketing fuel prices.  “As I have heard from families, and small businesses, and farmers who are seeing a negative impact on their bottom lines, we need to take action now if we are going to address this serious problem of skyrocketing fuel prices.  Instead of supporting policies that will help bring down the cost of gas, the Obama Administration continues to actively block and delay domestic energy production causing more pain at the pump, increasing our dependence on foreign oil, and destroying jobs.  “You only have to look at our soaring energy costs to see the consequences of these failed policies. Gas prices have doubled under the President’s watch and are now hovering around $4 per gallon in Virginia.  Read more........

CRS: Dem Tax Hikes on Oil Producers Will Raise Prices, Increase Foreign Dependency - Hot Air -Democrats want to use the tax code to punish oil companies, but the Congressional Research Service reported two months ago that tax hikes on oil producers would backfire on consumers instead. Instead of using the revenue to fund “green energy” initiatives, as Barack Obama wants, Democrats are hoping to use the revenue for deficit reduction as a way to pin Republicans against the wall:  It’s official: Democrats will deviate from Max Baucus’s blueprint for the bill that would have used the new tax to fund initiatives intended to reduce oil consumption. Instead, Democrats are proposing to put the approximately $4 billion annually toward balancing the budget and daring their Republican colleagues to vote against deficit reduction.  This has to be a joke, right? Four billion dollars in additional revenue — a questionable claim, as we’ll see in a minute — will reduce this year’s deficit by exactly 0.25%. It’s not even a full month’s interest on one year’s deficit. While any deficit reduction helps, the real problem in deficits is spending, not revenue.  Read more.......

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