Energy bill may gouge consumers

Despite good intentions, Congress is about to make a huge error in consumer protection and energy security if a House-Senate conference committee ends up approving energy legislation that increases taxes on oil companies and makes gas-price gouging a criminal offense.

Price controls and taxing our way to energy security backfired in the 1970s, draining billions of dollars from domestic oil and natural gas development, and they won’t work now.

New taxes would prove counterproductive in light of the tremendous capital investment that the oil and natural gas industry needs to meet rising U.S. energy demand.

DetroitNews