WSJ Not Amused By Pelosi’s Energy Bill

Posted on September 21, 2008. Filed under: Uncategorized |

There aren’t many fans of this do-nothing bill, (nor is the Wall Street Journal).

Less shocking is that the bill orders up more than $18 billion in pork for “renewable” energy — and it comes with the works. There are the usual huge subsidies for wind and solar power, and even “marine renewables” (whale oil?). These are “paid for” by raising taxes on the major American oil companies, which would also be forced to retroactively “renegotiate” the terms of their late-1990s lease contracts in the Gulf of Mexico. If that wealth transfer isn’t a big enough crutch for the alternatives, there’s also a mandate that utilities generate 15% of their electricity from such sources by 2020. In other words, taxpayers get charged twice — once to pay for Congress’s green welfare program, and again when they pay their electric bill.

Then there’s a tax credit of up to $5,000 for anyone who buys a plug-in electric car, though normal drivers will still be able to fill up with “fuel from America’s heartland,” aka the fiasco known as corn ethanol. Congress may be strapped for dollars, but Members found a few million under the mattress to encourage commuters to bike to work or maybe take the “vanpool pilot program.” Some $10 million goes to “increasing sustainable low-income community development,” while Fannie Mae and Freddie Mac are told to favor “energy-efficient mortgages.”

Full Linked here.

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