White House threatens Energy Bill veto

As the Democratic majority in the U.S. Congress tries to reap the political hay from high gas prices, it is, of course, trying to pass a politically popular Energy Bill--it won't lower gas prices, but they hope it will help elect Obama.

The center piece of the bill is a Windfall Profits Tax on oil companies. This is the doomed-to-fail bromide last tried by the failed Jimmy Carter presidency. It led to gas shortages, long lines at the pumps and higher gas prices. In addition, the bill gives greater authority for congressional investigation of price gouging.

While this might lead to great political theater on television for the election, and give Democratic candidates the chance to bash their GOP opponents, it will not increase the gasoline supply, lower prices or lead to a long term solution to the problem. The White House has vowed to veto the bill, and the trick will be to hold together enough Blue Dog Democrats and conservative Republican votes in Congress to sustain the presidential veto--unlike on the bloated, pork-laden Farm Bill.

Farmers and ranchers, of all people, are paying the price for the lack of sound federal energy policy. Drilling in Anwar and off the coasts of Florida and California for oil, lessening burdensome environmental regulations to make it easier to build America's first oil refineries and nuclear power plants in 30 years--these are steps that will solve the problem, and new polls now show that some 57% of Americans favor this solution.

Democrats beating up on the oil companies and Republicans over high gasoline prices, and catering to environmental extremists that prevent real solutions, may not any longer be the political panacea they think it is.