Bill Hinders U.S. Energy Companies

“WASHINGTON-The 60 Plus Association today warned that the Consumers-First Energy Act of 2008 “contains anti-market provisions and places domestic energy companies at a competitive disadvantage by hindering innovative energy solutions resulting in unbearable increases in fuel costs.

“America’s seniors are struggling under the current rise in gas and food prices,” said 60 Plus President Jim Martin. “This legislation worsens their situation, especially seniors struggling on fixed incomes.”

The bill targets U.S. energy companies for additional taxes in an effort to control high energy costs. Martin said these so-called windfall profits taxes will act as a subsidy for foreign competitors, resulting in even higher energy costs for Americans and increased reliance on foreign oil. “This was a failed policy in the 1980s, resulting then in reduced domestic oil production and increased oil imports, and higher prices at the pump for all Americans but especially seniors on fixed incomes. What is past is prologue and seniors remember all too well those dismal days, long lines at the pump, domestic production down and oil imports up.

“Attempting such measures again will only make the goal of American energy self-sufficiency seem impossible,” Martin said. “If forced to pay additional taxes, energy companies will be less able to develop sustainable energy solutions.” Martin further argued that “quality of life for seniors and others on fixed incomes will decrease as energy costs increase, and many more will be forced to decide between medications, groceries, and gasoline.”

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