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The price of oil is at an all time high of $105 a barrel. Opec’s decision not to increase production has not helped along with the steady decline of the U.S. dollar. The price oil is about 75% higher than it was a year ago. If that is not enough impetus to move in the direction of alternative energies, I don’t know what is.

We are being held hostage to our own addiction to oil, it is our drug of choice. Let’s at least admit that. We send billions of dollars to foreign nations to purchase oil, money that could otherwise be put to work right here. While the middle east is experiencing an economic boom due mostly to high oil prices, the U.S. and Europe are facing recession. Didn’t the same thing happen back in the 70’s. I was a kid but I remember the lines, do you? By not addressing our dependence on oil, the story repeats itself and here we are again in the same place we were almost 40 years ago. We didn’t fix the problem then , and the problem is still not fixed. What are we waiting for? Can we muster the vision that the last generation didn’t have?

The House of Representatives has passed bill H.R.5351 adding $18 billion dollars in new taxes on the biggest Oil companies over a 10 year period, which comes to $1.8 billion dollars a year. Sounds like a lot of money, but lets not forget the oil companies earned $123 billion just last year. The purpose of the extra taxes is to put them to work on renewable energy industries, keeping jobs and the money here helping the economy. The bill also gives credits for more efficient homes and Plug-in Gas/Electric Hybrid cars. Read More.

Unfortunately it now has to pass the Senate and then Bush is already expected to Veto it. A similar bill passed the House last year but stalled in the Senate.

How about we give it a push, let’s let the Senate and the president know how we feel about our dependency on foreign oil.

E-mail your Senator… Your Senator Here

alternative energy h.r.5351 oil prices
March 10th, 2008 at 09:48 am by bibi in Alternative Energy, Economy, Energy, Environmental Politics, Living Green, Oil Dependency

bibi