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By E. Ralph Hostetter May 23, 2008 Page 2 of 2 Subsidies supporting the continued expansion of ethanol production remain in play. The mandate of Congress to produce more billions of gallons of ethanol by the year 2020 is still on the books. Crude oil topped $127 per barrel this week. On January 20, 2001, President George W. Bush was sworn into office. The price of oil at that time was about $30 per barrel. Today, petroleum is more than four times that figure. Gasoline prices are over $4 per gallon in many parts of the country. Those who talked about $4 gasoline some months ago are now elevating their sights to $5 per gallon and above. Americans usually react only when they are being hurt to a point where they alone are feeling the pain. The average citizen may be approaching that point today. Only then will that citizen demand in no uncertain terms that Congress do its job to establish energy independence using our own abundant resources. The struggle for energy independence led by the congressional minority meets roadblock after roadblock from the leadership in Congress. House Majority Leader Nancy Pelosi (D-CA) and Senate Majority Leader Harry M. Reid (D-NV) will offer their own energy package. Their energy packet makes no reference to the production of more oil and gas; instead, it is designed to punish the very companies that provide our energy. The reason they give is simply this: these companies are making large profits. Their energy plan will provide for the introduction of a windfall profits tax designed to confiscate oil company profits. This new tax no doubt will be used by far-left zealots for their own political gain, no doubt for social programs to buy votes in the upcoming elections. The oil companies must preserve these profits which are desperately needed at the present to build new refineries and to develop new oil fields when the next and hopefully more energy-wise Congress is elected. --- E. Ralph Hostetter, a prominent businessman and publisher, also is an award-winning columnist and Vice Chairman of the Free Congress Foundation Board of Directors. He welcomes email comments at eralphhostetter@yahoo.com. -------------------- Note -- The opinions expressed in this column are those of the author and do not necessarily reflect the opinions, views, and/or philosophy of GOPUSA. >> Back -- Page 1 2
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