UPDATE: Almost ashamed to admit this but the man known to fans of the Austin Lounge Lizards as Gingrich the Newt agrees with me on this.
The headline is the right-wing spin on an energy bill which passed the House today.
In this case they're right, but for the wrong reasons.
While the centerpiece of the bill feels right -- $16 billion in oil and gas tax increases to fund renewable energy and energy conservation -- the devil is in the details.
The details make this a very weak bill. More important, the whole assumption behind it -- that energy "supply" must be big, delivered from central facilities over long distance power lines -- is false.
The bill does not, as reporters claim, "increase taxes" on "energy producers." It simply recoups tax breaks that were not designed to be given, but were seized by energy company lawyers. At best, it works along the margins. Remember, $16 billion over 10 years is $1.6 billion per year. In the grand scheme of things, it's chickenfeed.
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