US House passes bill cutting tax breaks for oil and gas industry

“This is a Congress that never gets tired of a forgone conclusion”

The bill , would extend a variety of tax credits beyond 2008 and create new ones, including a credit for cellulosic ethanol production and an incentive for plug-in hybrid vehicles. via Platts

[Jerry Richardson]

It would be refreshing if the Congress would think about those of us who are paying the bills. This congress seems bent on making the American Taxpayer the next endangered species.

[Booner]

The legislation proposed is nothing but a vote magnet for simpletons. It is merely restructuring transfer payments to fool the voters into believing that something useful is being done while pretending to punish those awful bad guys in Big Oil (BO).

BO couldn’t care less if they lose the tax credits because they don't pay a dime in taxes anyway. You do. You pay their taxes at the pump. If the oil companies are not getting their return on investment by one way, tax credits or whatever, they will get it by another. That's where you come in. But that's fine with me. Let oil find its natural price and users will find ways to use less gas and a multitude other petroleum products. Might even be educational as it shifts usage patterns. One might learn what common household products are made from petroleum and perhaps use fewer of them, like plastic bags for instance. For another benefit of cutting tax credits, it will shift the cost burden more squarely where it belongs....on the users, not the taxpayers.

Besides, as long as the majority of the drivers drive aggressively, accelerate quickly between frequent stops, see the express lanes as their personal autobahn, and view speed limits as a suggested minimum instead of the maximum, gas is obviously too cheap.