The House of Representatives in Congress recently passed energy legislation that would provide for a 40% increase in fuel efficiency for new cars and light trucks by 2020 for a fleet wide average of 35 mpg. It will be up to the Senate now to reconcile any differences they may have before it can be sent to Mr. Bush for his signature.
It has been reported that Republican Rep. Joe Barton said that if the bill clears Congress, he would recommend that Bush veto it. Some Republicans have complained that the bill does not do enough to increase domestic production of oil. Can you imagine that? With $90 barrel oil, $3 gas, our import of oil up over 36% since the Arab embargo of 1975, and now we import over 60% of America consumption and some Republicans say that.
Their problem is they want more corporate welfare for big oil. There is enough reasons for big oil out there to increase production right now. Big oil is so connected with foreign producers, they invest money overseas that could be used in the United States. In a nut shell, it is called GREED. The United States is going through the most sustained period of price increases in oil and gas and all because of the war in Iraq and speculation. And who are the speculators and the ones who benefit from this speculation? Yea, you guessed right. And now they are working on the latest speculation----war in Iran.
The bottom line is that the oil and gas industry does not need any more corporate welfare deals to increase production or drill new wells when we are importing 60% of our needs. Greed runs in their blood.
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