Congress Picks a Loser

Congress doesn’t trust consumers to make the right decision when it comes to selecting the right source of energy. Congress knows better. That’s why legislation out of Capitol Hill is all about weaning us off oil and putting us directly on a “renewable energy” diet.

Witness the energy tax bill the House passed in February that slaps $18 billion in taxes on oil production to fund wind, solar, biofuels, and other “alternative” sources.

Witness the new energy law passed in December mandating that Americans increase the use of ethanol and other biofuels at the pump to 36 billion gallons by 2022, up from 7 billion gallons required now. And witness the new farm bill that gives corn growers $10.5 billion in subsidies over the next five years, no matter how fast the price of corn rises—which, incidentally, has gone from $3.50 a bushel to a record $5.50 over the past three months.

The problem is that Congress, unlike consumers who make decisions based on price and availability rather than political pressures, gets it egregiously – and damagingly – wrong...

[and then defends their ideas to death. a 57% increase to corn prices in three months, producing 7B gallons/yr. - what's it going to be like in 2022 at 36B gallons/yr.? this is insanity - which you are going to pay for ]

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