Don't expect lower gas prices any time soon


Democrats in the House passed a huge tax on those evil, dreaded, baby killing "big oil" companies.

Declaring a new direction in energy policy, the House on Saturday approved $16 billion in taxes on oil companies, while providing billions of dollars in tax breaks and incentives for renewable energy and conservation efforts...

"This will save consumers money," said Rep. Tom Udall, D-New Mexico

Umm. No. Oil companies don't pay taxes, they collect them. They collect them from consumers like you and me.

Companies themselves are just entities, and no matter the industry taxes levied on goods and services are passed on to consumers, employees, or stockholders. That means if Democrats are able to reconcile this bill with the Senate bill passed in June and get it passed, you should expect to pay higher prices at the pump.


Comments

Even without the Demiclowns, we'd be in trouble. Oil closed out at over 78 dollars a barrel for awhile last week, a new record. That's going to mean more cash for less gas before long.

Posted by: The Hermit at August 5, 2007 5:34 PM
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