Monday, June 29, 2009

Energy Bill Passed Friday

The global warming bill passed the House Friday. A coupel surprises to me:

1) The WTO came out with some clarifying language that allows countries to impose tariffs for countries that do not have similar levels of "climate enforcement" yet the Obama administration. Without this kind of protection, it's really just a job export bill. I am a die hard free trader but trade has to be fair unless we want to keep borrowing from the Chinese.

2) Hard to see this getting through the Senate in its current form. But if oil starts to move into the 80s and threatens 100 it could enable passage in some form.

3) It's described as a bill to get us off of foreign oil but very little of our oil imports go to fuel factories and heat homes. Most of that is coal and natural gas or nuclear which is all domestic.

Want to get us off foreign oil? A $2 dollar a gallon gas tax with rebates to low income Americans.

Our as others have called it "the Freedom Tax". Love that. I am defininely pro freedom.

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