Not to be Outdone...

In more too-little-too-late rear-guard action, Senate GOPers blocked passage of the Senate’s alternative energy bill on Tuesday. Article here. An earlier version of the bill was passed by the House 3 weeks ago (our thoughts here). We say alternative energy because the House’s idea to get more oil to the pump was granting this country the ability to sue OPEC if it thought they were getting out of line.

The Senate’s equally logical Big Idea would be to tax what they believe are “unreasonable” profits of the Big 5 U.S. oil companies and then…then... take all that money….. and… burn it… ? Honestly, what the hell else would you do with all that paper – at least it might keep some people warm this winter when fuel prices will make June ’08 look like the good ol’ days.

But this one’s different, they cry…..

"The bill's supporters argued that their proposal was different from the windfall profits taxes of the early 1980s that thwarted domestic production and led to a rise in imports. The oil companies could avoid the tax by using their "windfall" to push alternative energy programs or refinery expansions, they said."

Why do we expect and why do we ask oil companies to be something they are not? Businesses make a big deal of core competencies… those things your company does most effectively to bring the highest rate of return on its investment. Having never set foot inside Exxon’s or Shell’s offices, we’re willing to bet that historically speaking, Big Oil’s core competencies have been exploring for oil, drilling for that crude oil, recovering and transporting that crude oil to refineries, refining it and then transporting it to market. Just a WAG….

But now we want them to be similarly competent in wind and solar power, batteries, geothermal technology, growing corn, growing sugar, biofuels, ethanol, hydrogen extraction, etc., etc. How does this make sense?

By now, its apparent Congress really isn’t serious about formulating any sensible energy plan and as we have stated previously, the absolute best we can hope for these days is that they don’t make a horrible situation any worse.

RCP Congressional approval rating: 18.7%