With gasoline prices topping $3.00 per gallon, the Democratic-controlled U.S. House of Representatives appears poised to do the dumbest thing it could possibly think of: raise taxes on oil companies.
As early as today, the House might pass a power-grabbing “Energy Bill” that would, among other things, raise taxes on oil companies by more than $13 billion.
The problem for consumers is this: Oil companies have only one source for getting this money–you. Oil companies make money by selling valuable products to consumers. If the federal government increases the amount that it plunders from these energy providers, ultimately it’s going to come out of your pocket.