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Politics : Politics for Pros- moderated
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To: KLP who wrote (193045)1/15/2007 7:02:10 PM
From: Ichy Smith  Read Replies (2) of 793838
 
House Ways and Means Chairman Charles Rangel, D-N.Y., on Thursday introduced the energy bill to deny large energy firms billions of dollars worth of tax and production incentives.


So the US is already short on refining capacity. And they are going to deny production incentives, so they are denying them money they pay them to produce, the answer to which is of course not to increase production. So they won't look for nearby oil, won't produce in the US, and will import oil for the US to use.

Companies that fail to renegotiate their leases so that they are required to make royalty payments during times of high energy prices would suffer penalties. The fee would amount to at least $9 per barrel for oil produced under the flawed leases and $1.25 per million Btu for natural gas

So when the rest of the world is paying $60.00 a barrel for oil, the US will add 9 bucks to the price and Americans will be paying a basic 72 bucks a barrel as the extra plus bookkeeping and profit for oil are added. I hope they get that one through quick. The oil companies will charge the extra on every barrel of oil even when the price goes down.....

If they can get this going before next winter, can they win in 2008 November? It seems to me that there will be a huge jump in the price of oil.
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