Coats: President’s “None of the Above” Energy Plan Burdening Families, Businesses Senator Dan Coats (R-Ind.) discussed the administration’s failure to address high gas prices and increase American energy production .......
PoliticalNews.me - Mar 31,2012 - Coats: President’s “None of the Above” Energy Plan Burdening Families, Businesses
WASHINGTON, DC – Senator Dan Coats (R-Ind.) discussed the administration’s failure to address high gas prices and increase American energy production during debate on legislation introduced by Sen. Robert Menendez (D-N.J.) that would increase taxes on oil and natural gas companies by about $4 billion annually.
In his speech, Coats said, “We shouldn’t be looking for ways to further burden American families and small businesses. We shouldn’t be targeting an unpopular sector of the energy industry to score political points at the expense of hardworking Americans. We need to start taking steps today to ensure tomorrow’s energy security. The president has politically stated that we need an ‘all of the above’ energy approach that unlocks American resources and puts us back in the driver’s seat of energy production. But in reality, he is really pursuing a ‘none of the above’ energy plan.”
The full speech, as prepared for delivery, is below:
“Right now there is an issue on the mind of almost every Hoosier – the high price of gas. Over the past few months gas prices have risen higher and higher each week. While the national average price for a gallon of gas is $3.90, it is even more expensive in virtually every part of Indiana. Right now Hoosiers are paying an average $3.97 per gallon and gas is well over $4 in many parts of my state.
“Families in Indiana and across this country are feeling the effects of increased pump prices. Budgets are getting tighter. Vacations are being cancelled. Families, farmers and small businesses are being forced to make tough financial decisions. At a time when unemployment remains high and many Americans are struggling to make ends meet, rising gas and energy costs only further weaken an already vulnerable economy.
“Now it is true that energy prices are on the rise due largely to global trends in supply and demand. The world is consuming more and more oil. There are concerns that the supply is not keeping pace and very real concerns that possible conflict in the Middle East could disrupt the vital shipping lanes used to export oil from the volatile region. But the good news is that Americans have the ability to be a player in the energy production game. We have an abundant amount of affordable energy resources right here in our backyard.
“Unfortunately, we have an administration promoting policies that work against our goal of more energy independence. In fact, the president is actually on record as saying that he would prefer a ‘gradual adjustment’ to higher gasoline prices.
“And that’s the effect of Senator Menendez’s bill under consideration here in the Senate. This misguided bill raises gasoline prices by raising taxes on oil production. Why in the world would we want to raise gas prices when Hoosiers and Americans nationwide already are feeling pain at the pump?
“The current tax code provides a number of targeted tax incentives for the energy
