energy subsidies
IRA’s Impact
The new law is a Big Deal. Or more precisely, a REALLY Big Deal.
IRA, the Inflation Reduction Act, is clearly the biggest climate legislation ever passed in the United States. The law will provide $379 billion in subsidies to clean energy in the form of direct payments and tax credits. Subsidies aren’t the ideal way to cut emissions, because it’s impossible to target them to the precise behavioral …
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CONTINUE READINGWarren versus Brown on Energy and Environment
At the debate between Elizabeth Warren and Scott Brown last night, there was a brief discussion of energy issues. Brown defended subsidies for oil companies but criticized Warren for trying to tie him to Jim Inhofe. Unlike Inhofe, Brown does believe in climate change (at least right now — he seems to have waffled over …
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CONTINUE READINGMore Idiocy from the Wall Street Journal Op-ed Page
A few years ago, a friend of mine suggested starting a blog entitled something like, “Why The Wall Street Journal Editorial Page Was Idiotic Today.” You’d never run out of material for posts! Certainly that was the case today, as Senator Lamar Alexander and Representative Mike Pompeo, both Republicans, make a case against the wind …
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CONTINUE READINGThe Subsidy Saga Continues
Two days ago, I criticized Democrats for failing to support Tom Coburn’s proposal to eliminate the infamous ethanol “blender” subsidy, hiding behind procedural objections. Well, it turns out either that they had a change of heart, or the procedural objections were real: The Senate voted 73-27 Thursday to kill a major tax break that benefits …
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CONTINUE READINGNostradamus, I Ain’t
On Friday, I predicted that Senate Republicans would side with Grover Norquist against Tom Coburn and block repeal of one of the egregious ethanol subsidies now polluting both our tax code and our country. Well, so much for that: most Senate Republicans did the right thing and voted to remove the subsidy. In this case, …
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CONTINUE READINGA GOP Ethanol Trap? Not Likely.
I hope I’m wrong. Jon Chait reports that Senator Tom Coburn (R-OK) will force a cloture vote on his proposal to eliminate the ethanol “blending” subsidy, which costs the government about $6 billion annually, is horrible for the environment, and is economically inefficient. His take is that this represents an ideological skirmish between Coburn and …
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CONTINUE READINGMore Subsidies Hypocrisy from Tim Pawlenty?
At least so claims the Iowa Republican, a website that says it represents “News for Republicans, by Republicans.” If you believe the Republican, Pawlenty is doing no more than parroting the talking points of the ethanol industry: Pawlenty’s announcement speech in Des Moines yesterday was more passionate than some of his other recent speeches. The …
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CONTINUE READINGCredit Where It’s Due: Tim Pawlenty Says We Need to “Phase Out” Energy Subsidies
(UPDATED: See below). I’ve had a good bit of fun jumping on the Republican Party for its hypocrisy on energy subsidies. So when a Republican does the right thing, it’s important to acknowledge it: Former Minnesota Gov. Tim Pawlenty made a potentially risky move during his campaign launch speech in Iowa: he called for a phaseout of ethanol …
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CONTINUE READINGLeave ExxonMobil ALOOOOOONE…..
The next time a conservative tells you that he believes in the free market and balanced budgets, just show him this: Republicans senators who in the past have supported ending tax subsidies to big oil companies are prepared to vote Tuesday night with their party leadership to keep those subsidies in place. “I’m going to …
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CONTINUE READINGYou want political theatre? I’LL show you political theatre
This should be right up there in the annals of political chutzpah: ExxonMobil, the biggest international oil company, accused the US administration and Congress of “political theatre” in targeting the industry with discriminatory tax proposals that are due to be promoted at a Senate panel on Thursday. The “discriminatory tax proposals” that gullible …
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