Watching Democrats (and some Republicans) talk about energy can make one’s head spin. A couple of days ago, they hauled oil executives before Congress to explain why gas prices are so high. Shouldn’t they be applauding high gas prices?
When not chastising oil companies for the high price of gasoline, Congress talks incessantly about reducing CO2 output (usually by 80% of 1990 levels). CO2 output can only be reduced by reducing combustion of fossil fuels. The only way to reduce demand for fossil fuels is to raise the price. This would be done artificially with a carbon tax. So Democrats want “Big Oil,” (who control <10% of world’s oil reserves), to somehow reduce the price of gasoline, only to have Congress raise the price back up with taxation?