More Theater: Will DC Raise Taxes on Renewables?
This was a funny week to be in Washington DC. I happened to be in town on Tuesday when the Senate was debating whether to repeal the numerous tax subsidies given to the oil and gas industry. To give you a sense of scale, the subsidies on the block add up to $21 billion over the next 10 years for the top five oil companies alone.
Of course this was Washington theater and the repeal was turned down by a majority made up of Democrats and Republicans. No big surprise there. I frankly didn’t expect the Senate to make a move that would effectively raise gasoline prices in the current environment. But it wasn’t a complete waste of time