Monday, January 17, 2011

The Cost of Obama's Ban, Baby ,Ban Energy Policy

Unfortunately, the left has vividly illustrated for us the regressive effects of progressive energy policies.  They ban, tax, regulate, or litigate efficient and effective energy sources, while promoting special interest "green energy", a.k.a. no energy.  As a result, we have incurred a severe shortage in food and energy supplies, thereby augmenting the costs of both of these basic consumer needs.  Any who is hit hardest from these nescient policies?  Fixed-income families.  So much for the progressive's obsession with helping out the poor!

Aside for the negative effects of green energy policies on the cost of fuel and job creation, there is another casualty of this liberal madness.  Ironically, the government is losing much needed revenue as a result of its onerous oil drilling regulatory regime.  According to a new calculation by the Heritage Foundation, the Federal treasury will lose $1.35 billion in revenue this year due to Obama's ban on deep water drilling in the Gulf of Mexico.  In other words, they are losing the taxes paid on the 220,000 barrels per day that will not be produced this year.  They also note that "The number grows even larger when coupled with a lack of Gulf lease sales and fewer rental payments. Those three components — royalties, leases and rent — make up a sizeable amount of government revenue."

You can read the full report here.

We already know that Obama has no regard for consumer spending or job creation, but one would think that he would covet his precious tax revenue.

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