House Oil Bill Called 'First Step' in Energy Policy Shifts

"Activists from more than a dozen environmental groups gathered on Capitol Hill Tuesday to lobby for the Clean Energy Act, the final part of House Speaker Nancy Pelosi's (D-Calif.) '100-hour' agenda that the activists are calling a 'first step' in restructuring the government's energy policy.

The bill would roll back some tax loopholes and subsidies for oil companies and use the increased federal revenue to invest in renewable energy research. Supporters of the measure estimate it will bring in $14 billion over the next 10 years." More....

What these morons don't understand (well, I suspect some might, but don't care) is that any increased cost to "BIG oil" whether it's some 'excess profit' tax, windfall tax, or loss of tax breaks, is going to be passed back to us at the pump; because they are not going to settle for less profit. Any and every company has to make a profit to stay in business. When their costs go up, their prices go up. For us when discussing "BIG oil", that means a price hike at the pump.

A profitable company means profits for the shareholders as well. Gee, what a nice feature.