Tuesday, April 06, 2004

Cheney Loves High Oil Prices

And high gas prices.

Let us rid ourselves of the fiction that low oil prices are somehow good for the United States.


He said this after introducing legislation in 1986 which would set a tax an oil imports to ensure the minimum price per barrel of $24. Indexed for inflation, that's about 48 bucks - much higher than the current price of oil.

There are ways to decrease our dependence on foreign oil which don't rely on soaking poor consumers and putting a big drag on the economy for the benefit of domestic oil producers. A revenue neutral hike in the gas tax, which included offsetting cuts and credits for low income individuals, would be one way. In fact, President Bush's CEA head Greg Mankiw has endorsed something similar.