Obama has invested a lot of stimulus (taxpayer) money (and political interests) into the unproven and failed technology of “green energy”. As the media tried its best to not make stories such as Solyndra important, the money-pit still pops up in the news. But to add insult to injury (on the American people), the company has been caught destroying perfectly good parts and dumping them…
Just the other day Obama rejected the no-government-stimulus-needed “shovel ready” Keystone XL oil pipeline project from our friend and ally Canada that would have produced tens of thousands of direct and indirect jobs, not to mention influence the prices in the oil market just on speculation alone. House Speaker John Boehner responded:
“President Obama expedited approval of the Solyndra loan project, but won’t approve a project that’s been under review for over three years … President Obama is destroying tens of thousands of American jobs and shipping American energy security to the Chinese…”
But Obama and the democrats are no where near finished yet:
The Democrats, worried about higher gas prices, want to set up a board that would apply a “windfall profit tax” as high as 100 percent on the sale of oil and gas, according to their legislation. The bill provides no specific guidance for how the board would determine what constitutes a reasonable profit.
The Gas Price Spike Act, H.R. 3784, would apply a windfall tax on the sale of oil and gas that ranges from 50 percent to 100 percent on all surplus earnings exceeding “a reasonable profit.” It would set up a Reasonable Profits Board made up of three presidential nominees that will serve three-year terms. Unlike other bills setting up advisory boards, the Reasonable Profits Board would not be made up of any nominees from Congress.
The bill would also seem to exclude industry representatives from the board, as it says members “shall have no financial interests in any of the businesses for which reasonable profits are determined by the Board.”
According to the bill, a windfall tax of 50 percent would be applied when the sale of oil or gas leads to a profit of between 100 percent and 102 percent of a reasonable profit. The windfall tax would jump to 75 percent when the profit is between 102 and 105 percent of a reasonable profit, and above that, the windfall tax would be 100 percent. The bill also specifies that the oil-and-gas companies, as the seller, would have to pay this tax.
What could go wrong?
Remember what Rep. Maxine Waters (D) said about America’s oil companies just a couple years ago? So much for that family vacation to Disney World. Well, at least Obama enjoyed himself there yesterday. THAT’s what is really important, ya know.
And then there is the unelected Obama EPA…
New EPA regulations will force 32 coal plants to close their doors putting hundreds of Americans out of work.
The latest move by the EPA will force new regulations on 26 states. The new rules will kill thousands of jobs, cost billions of dollars and increase electricity rates for every family.
New EPA rules will force Western coal-fired power plants to install haze-reducing pollution-control equipment at a cost of $1.6 billion a year. Pictured is the Dave Johnston Power Plant in Glenrock, Wyoming. (IBD)
The Obama Administration’s new energy regulations will shut down about 8% of all U.S. generating capacity or the equivalent of wiping out all power generation for Florida and Mississippi.
America needs a high colonic in November to remove the blockage …