In case you missed it, there was quite a performance in the U.S. Senate yesterday. Liberals put on an election-year show, with the personal encouragement of President Barack Obama, in which they attempted to impose higher taxes on the oil industry as punishment for their profits while gas prices are at an all-time high.
The Senate rejected the bill 51-47. Despite certain defeat, liberals brought up the legislation in hopes of distracting the American people from the fact that President Obama is refusing to take steps that would help increase the supply of oil in the United States, and decrease regulation, thereby bringing down costs for consumers. As Senate Minority Leader Mitch McConnell (R-KY) put it, “Day after day after day, Democrats ask us all to come out here, not so we can make an actual difference in the lives of working Americans and families struggling to fill the gas tank, but so we can watch them stage votes for show.”
Heritage expert David Kreutzer points out, most of what the President and his allies call “subsidies” are merely manufacturing tax credits that already put the oil and gas industry at a disadvantage:
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