Oil tops $110 a barrel, Fossella doesn't care
Oil yesterday set a record when it topped $110 a barrel in trading. Fortunately it has retreated since down to the low low cost of $109.
I already covered the tantrum Fossella threw berating President Clinton over oil approaching $30 a barrel back in 2000. He has yet to make any similar comments to President Bush despite oil going up 350% since then. Can you find anyone who looking back think Fossella's crying over $1.50/gallon gas was justified?
This might also be a good point to revisit Vito Fossella's vote against HR 5351 the Renewable Energy and Energy Conservation Tax Act of 2008. This was just two weeks ago. Before we jump into that I want to point out some analysis from Goldman Sachs today on the future of oil costs via CNNMoney.com;
'Solving the politically driven supply constraints will be a very difficult and protracted process which will likely lead to explosive prices in the next couple of years, with oil prices potentially spiking toward 175 usd a barrel, particularly should growth in the G7 re-accelerate in 2009 and beyond.'
Goldman Sachs was one of the first investment banks to predict oil prices at 100 usd a barrel. They recently increased their 2008 average price forecast to 105 usd a barrel.
$175 a barrel! That House bill HR 5351 above that Fossella just voted against funds extension of renewable energy and energy conservation tax credits for individuals. Just how out of touch with average Americans is Fossella? Fortunately for the rest of us Congress passed this bill.
Labels: oil, Rep. Vito Fossella
posted by me @ 11:00 PM
2 Comments:
Fossella voted against the bill because it eliminates 80 billion in tax credits to oil companies - which means that gas at the pump will increase that much more. The bill 'extends' tax credits for green endeavors - by hurting avg. americans who have to pay for gas now - not twenty-five years from now.
Moreover, H.R. 5351 exempted Hugo Chavez's (Venezuelan state owned oil company - Citgo) from the tax credit eliminations!
This piece of legislation was Anti-American, Anti-middleclass, and puts hundreds of millions of dollars into a Psuedo-Socialist Tyrant's pockets...and in your blind rage against Fossella - you focus on nothing but the fact that there were 'green credits' in the bill. Query? Why does Charlie Rangel and Ms. Pelosi & Company have to add into the bill what amounts to an across the board gas tax - in order to 'extend' and encourage existings green tax credits? Answer? They don't - but they do because they don't really care about Americans...they just love to hide their tax hikes behind your 'green initiatives' so that they can give the money away to people who don't work, pay taxes, or buy gas. By process of deduction - I can presume you're one of those people.
Well Fosella is absolutely wrong about not voting for yes to this bill. Inaction will do nothing to wean america off of foreign oil sources or reduce prices we pay at the pump. we must roll back tax subsidies to the oil company and throw huge sums of money into research and development of alternative fuels and widespread adoption of alternative fuels and renewable resources. we must change the way we develop the country, no longer can we develop around cheap oil or a ten car in every driveway mentality, we must work as a nation to start diversifying our energy portfolio and moving beyond an oil economy. with all of the subsidies and the high prices americans currently pay for oil we are doing nothing but growing our addiction to middle eastern fuels. we must federally support many environmental and alternative energy proposals to reduce the effect oil and high gas prices have on our economy. i support any legislation that strengthens environmental requirements, and supports homegrown fuel and jobs, and reduces or eliminates our reliance on the volatile region of the middle east for fuels. if we continue inaction prices will only continue to rise. many large economies such as china and india are using oil, soon there will not be enough to go around for everyone to fuel their economy. yes what happens in 10-15 years affects us all and if we dont begin to act now the future of gasoline hovering at 300-400 dollars a barrell is not a pretty sight, and is something that can be avoided if we can all support a dramatic shift in energy policy and foreign policy, and i believe it is a direction the majority of americans support.
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