Apr 28, 2011

President’s Tax Hike Demonstrates A “Commitment To Higher Energy Prices”

The President’s call for higher taxes on energy producing companies at a time of high gas prices is drawing criticism from all quarters. Yesterday, a fellow Democrat took aim at his policies, claiming they will cost “thousands of jobs.” And, today, The Wall Street Journal called the policy a “junk economic theory” that demonstrates an “ideological commitment to higher energy prices.”

The Wall Street Journal Called President Obama’s Calls For Higher Energy Taxes “Junk Economic Theory.” “The junk economic theory is that increasing the U.S. costs of investor-owned oil producers—which together hold a mere 6% of world reserves—is supposed to lower the price of a global commodity.” (Editorial, “The Gas Price Freakout,” The Wall Street Journal, 4/28/11)