Only this White House would think an “all-of-the-above” energy strategy is consistent with a punitive tax code for our biggest energy producers. This morning in the Rose Garden, President Obama threw his weight behind a (constitutionally defunct) proposal that would raise taxes on profitable forms of American energy to double down on investments in uncompetitive alternatives.
Never mind that the president continues to assert that we can’t drill our way out of this problem. His policies reflect a strong distrust in the private market and a lack of respect for the role that domestic wealth generation can play in arresting our vulnerability to oil price shocks.
Never mind that the president’s own tax-reform policies would give these dollars right back to oil companies. By the American Action Forum’s analysis, the White House corporate-tax reform proposal would send $2.7 billion back into the pockets of the five biggest oil companies he seeks to vilify.
Never mind that President Obama’s so-called “responsible” approach to domestic oil and gas development is burdensome regulation, higher uncertainty in the permitting process, and, of course, a punitive tax code that punishes companies for developing American-made sources of energy.
The president isn’t interested in clear, cogent, long-term solutions to our energy problems. He’s interested in financing an energy revolution on the backs of profitable businesses and American taxpayers.
Conservatives want to talk about a comprehensive energy policy, aimed at, yes, increasing access to domestic fossil fuels. But also aimed at promoting certainty in the market, reducing costs for new entrants, and paving the way for economically questionable alternative energy sources to develop and prosper in our marketplace.
Conservatives are talking about our energy future, while President Obama is playing election-year politics.
— Catrina Rorke is Director of Energy Policy at the American Action Forum.