Published Opinion

Congress’s Energy Policy: What Others Are Saying

Various newspaper editorials and experts have agreed that excessive taxes on energy companies will create more problems than they will solve.

“Concerns that company insiders capture a substantial share of those profits are unfounded. These data strongly suggest that most of those profits go to the industry’s majority shareholders, who are middle-class U.S. households with mutual fund investments, pension accounts, other personal retirement accounts and small personal portfolios.”

“The Distribution of Ownership of U.S. Oil and Natural Gas Companies” Robert J. Shapiro and Nam D Pham, September 2007

“By taxing big oil companies, Congress gives them less cash to develop new sources of supply that would bring these prices down. America’s large integrated oil companies are profitable, but they also are the biggest spenders on exploration and R&D technologies. They have the greatest capacity to reach into the earth’s remotest regions to produce energy; now, they’ll do less of that.”

“Tax Cut for Hugo” Investor’s Business Daily Editorial March 3, 2008

“When crude-oil prices rise, so do gasoline prices. When oil companies’ tax bills rise, so do gasoline prices. Yet last week, when the U.S. House of Representatives passed legislation that would raise the five largest oil companies’ tax tab by $18 billion over the next decade, the bill’s leading supporters hailed it as a path to lower energy prices.” -
“Supply, Demand and Gas Prices” The Post and Courier (Charleston, SC) Editorial March 5, 2008

If we want to make America more secure, decrease gasoline prices, have cleaner fuels, and increase the reliability of supplies, we need to get the government out of the way of the entrepreneurs who can deliver those things.” –
Andrew P. Morriss, “Energy Mythology”, Washington Times, July 4, 2007

“The tax code is a ball and chain around American Industry – putting US firms at a disadvantage.” -
Margo Thorning, Senior Vice President and Chief Economist, American Council for Capital Formation, October 17, 2007

“High taxes and controls by the U.S. federal government raise world price of oil, which makes the U.S. more dependent on foreign producers and U.S. companies less competitive in a global market.”
Bob Murphy, IER, October 31 2007

“National energy policy should be guided by the principle of “do no harm.” The energy market should not be shackled with obstacles to resource access and development, and the market should not be forced to employ technologies before they are profitable. Mandates will only increase energy prices to consumers, exactly what Congress claims it doesn’t want to do.”
Mary Hutzler, Forbes.com August 24, 2007

“A tax on energy companies trickles down – what we get is a regressive tax that’s hardest on working class families, who will have to pay more to drive to work and heat their homes. Americans want the pain to be distributed in some way other than to be hardest on the poor.”
Bob Murphy, National Journal Interview, October 12, 2007