Big news flash out of the House yesterday was,"Texas Republicans Oppose Energy Bill That Taxes The Oil Industry." Well, it looks like there is more where that came from. The bill, approved by the House yesterday, also requires stricter building standards and more efficient appliances.
Rep. Joe Barton (R-Texas) and his House colleague Rep. Ralph Hall are claiming that the legislation is "just pure venom" against the oil industry and they can't understand it.
It's probably just about as unbelievable to them as the high gas prices and oil company profits have been to the rest of us.
The House version of the bill does not address increasing fuel efficiency in vehicles because it would have meant a big fight, so the bill will have to be negotiated since the Senate version already includes that provision.
Oh, and by the way, the so-called "Hummer Loop-hole" will be closed. Large SUV's of that sort will no longer be tax deductible by their owners.
I guess if China can have higher fuel standards than the U.S., that would make us look really bad. In fact, China has had higher fuel standards than the U.S. since 2004.
This is just the beginning. It's going to take years to undo all the tax breaks that Bush and his cronies have put in place for themselves.
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