Congress returns next week to a flaring brawl over oil industry profits and tax breaks, with both parties hoping to capitalize on growing public ire at high gasoline prices.An entire article in the paper of record on the politics of high gas prices. And no mention of "Libya", "Saudi Arabia", "Iraq", "fuel economy", "China", or any other factor that actually matters to the price of oil. The disconnect between our political elite and reality couldn't be much wider, could it? I mean, I suppose we could be launching rockets to drill for oil on the moon... That would be worse, right?
President Obama touched off the latest flurry with a letter to Congressional leaders last week calling for the repeal of $4 billion a year in tax incentives for domestic oil and gas production, saying the industry was doing very well, thank you, and needed no help from the government. Republicans responded that the president’s proposal would only raise the cost of production and the price of gasoline, which now tops $4 a gallon in many parts of the country.
Both parties are planning legislative maneuvers this week to try to caricature their opponents as either in the pockets of the oil companies or hostile to domestic energy production.