Remember $1.83 per gallon gasoline? Seems like a very distant memory? That was the national average price we paid for the precious liquid when President Obama took over the White House in January 2009.
Apparently not satisfied with helping to fuel a more than 100 percent increase in the gas price, the Obama administration and its congressional allies are pushing legislation that would penalize the domestic oil companies that are now producing new jobs in our struggling economy and providing much-needed energy that is making us less dependent on foreign sources. Sen. Robert Menendez (D-N.J.) has introduced S. 2204, which he has named the “Repeal Big Oil Tax Subsidies Act.” It might be more apropos to name it the “Prolong the Recession and Double Our Gas Prices Again Act.”
Sen. Rand Paul (R-Ky.) rose on the Senate floor on Tuesday, March 27, to challenge the wisdom of raising taxes on oil companies at this critical time, and to offer two amendments to the bill aimed at ending taxpayer-subsidized loans to the favored “alternative energy” sector, such as the $500 million loan to Solyndra, the failed solar panel manufacturer.
“Gas prices have doubled under this President,” said Sen. Paul, “so today this body will consider new legislation which the other side, I assume thinks will make the situation better. But the other side's solution is to raise taxes on oil companies, raise taxes by $25 billion."
Click here to see the entire article and Sen. Rand Paul's speech on the Senate floor.