By M. Scott Carter
The Moore American
WASHINGTON, D.C.
May 07, 2008 10:05 am
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WASHINGTON — It’s no secret that when the public gets angry, politicians tend to get focused.
Especially in an election year.
And especially over high gas prices.
With 2008 being the year of the presidential election — and the year of record high gas prices — it should come as no surprise that at least two of the contenders for the country’s highest office are now offering ideas on how to bring down the skyrocketing price of gas.
Republican presidential candidate John McCain and Democratic hopeful Hillary Clinton have each issued policy papers to address the high cost of gasoline.
Under Sen. Clinton’s plan, the country would impose a windfall profits tax on oil companies and use the money to temporarily suspend the 18.4 cent per gallon federal gas tax and the 24.4 cent per gallon diesel tax during the upcoming peak summer driving months.
The Clinton campaign said this action would “ensure that this relief is passed along to consumers by charging the Federal Trade Commission with conducting aggressive oversight.”
McCain’s plan is similar, also calling for Congress to suspend the 18.4 cent federal gas tax and 24.4 cent diesel tax from Memorial Day to Labor Day. However, McCain would not impose a windfall profits tax on oil companies.
McCain’s plan, his campaign said, “would immediately reduce the pain of high gas prices.”
While neither plan is a long-term fix for the country’s energy problem, at least one Oklahoma Congressman said he prefers the McCain proposal.
Fourth District Congressman Tom Cole, R-Moore, said the McCain idea “had some merit.”
“It would offer some short term relief,” Cole said. “But remember prices have gone up more than the federal gas tax. Prices have gone up by that level in just two or three weeks, so the McCain plan would take the place of a long-term policy.”
Cole, however, said he would oppose the Clinton proposal.
“I’d reject Sen. Clinton’s plan out of hand,” he said. “Because a windfall profit tax on oil companies would be passed right along onto consumers. I think that’s a huge mistake.”
Both senators, Cole said, should support a long term “serious” energy bill.
“There’s a lot we could do,” Cole said. “For example, HR 3089. It takes all the ideas on exploration and production and puts them in a single bill which helps expedite the process.”
That bill, Cole said, would allow drilling the Anwar area of Alaska, allow more off coast drilling and offer more non-park federal land for oil exploration.
“It would help us with our problems,” Cole said. “Congress has not done enough to increase production of domestic energy and passage of this bill would help cool off the current round of energy speculation. We haven’t done anything that shows we’re going to produce anything in new energy.”
Increasing domestic production, Cole said, would be “a dramatic change” in a positive direction.
“I understand the concerns about drilling off shore,” he said. “But we went through Hurricane Katrina and we didn’t have any oil spills that I’m aware of. I believe we are capable of drilling off shore and taking care of the environment.”
American consumers, he said, need to let go of the idea “that the rest of the world is going to produce oil at a cheap price for us.”
“The more dependent we become on foreign sources, the higher cost we’re going to have to pay,” he said.
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