Last week, former Tennessee Congressman, Harold Ford Jr. appeared on Meet the Press and spoke out against the President’s plan to increase taxes on U.S. oil companies.
Since he is not an elected official, he apparently felt more at ease saying what most Energy Citizens have known all along – “Calling for higher taxes may bring applause at partisan political events, but it won’t lower energy prices.” In addition, he stated one of the most important parts of this issue – that the tax deduction “does not go to a guy called Exxon Mobil” – this deduction is benefits the millions of Americans who are shareholders or who hold oil and natural gas shares as part of their 401k. (Here is the full transcript of the broadcast; the energy discussion is toward the end.)
This is a continuation of the message Congressman Ford sent to President Obama in a recent Wall Street Journal oped. In it he urged the president to support domestic oil and natural gas production, reform taxes on energy companies instead of raising them, and approve the Keystone XL pipeline.
Congressman Ford is right. It would be nice if all politicians could put aside party rhetoric and decide energy policy issues, like Keystone XL and oil sands development, based on the facts and not what they think their supporters want to hear.