{"id":1595953,"date":"2022-08-09T08:05:09","date_gmt":"2022-08-09T12:05:09","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1595953"},"modified":"2022-08-09T08:06:38","modified_gmt":"2022-08-09T12:06:38","slug":"democrats-spending-bill-includes-20-billion-in-new-energy-taxes-that-will-drive-prices-higher","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/democrats-spending-bill-includes-20-billion-in-new-energy-taxes-that-will-drive-prices-higher\/","title":{"rendered":"Democrats\u2019 Spending Bill Includes $20 Billion In New Energy Taxes That Will Drive Prices Higher"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">30<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fdemocrats-spending-bill-includes-20-billion-in-new-energy-taxes-that-will-drive-prices-higher%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1595953&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>Democrats\u2019 colossal spending package <a href=\"https:\/\/www.wsj.com\/articles\/the-inflation-reduction-act-is-anything-but-spending-power-supply-demand-imbalance-restrictions-regulation-11659289812\" target=\"_blank\" rel=\"noreferrer noopener\">dubiously named<\/a> the \u201cInflation Reduction Act\u201d includes plans to spike energy prices with nearly $20 billion in new taxes. <\/p>\n<p>According to an <a href=\"https:\/\/www.atr.org\/list-of-tax-hikes-in-democrat-reconciliation-bill\/\" target=\"_blank\" rel=\"noreferrer noopener\">analysis<\/a> by the conservative fiscal group Americans for Tax Reform, the $750 billion-dollar bill imposes $19.7 billion in tax hikes on American energy. Senate Democrats advanced the legislation on Sunday 51-50 when Vice President Kamala Harris cast the tie-breaking vote. <\/p>\n<p>West Virginia Democrat Sen. Joe Manchin, who shocked Senate Republicans when he announced a compromise with Majority Leader Chuck Schumer on a revamped \u201cBuild Back Better\u201d package, celebrated the new version of the previously doomed bill as a win for domestic energy.<\/p>\n<p>\u201cFor years, I have worked across the aisle to determine the most effective way to increase domestic energy production, lower energy and healthcare costs, and pay down our national debt without raising costs for working Americans,\u201d Manchin said in a <a href=\"https:\/\/www.manchin.senate.gov\/newsroom\/press-releases\/manchins-inflation-reduction-act-will-lower-energy-and-healthcare-costs-increase-domestic-energy-production-and-pay-down-national-debt\" target=\"_blank\" rel=\"noreferrer noopener\">press release<\/a>. \u201cBy investing in American energy production and innovative technologies the U.S. is on a path toward energy security, lower gas and home energy prices and we are leading the fight on global climate.\u201d<\/p>\n<p>The bill\u2019s litany of tax hikes targeting conventional sources of energy from fossil fuels, however, will raise American utility bills and jeopardize the reliability of the power grid. The legislation more than doubles the excise tax on coal for $1.2 billion, adds a more than 16 cent-per-barrel tax on crude for $12 billion, and imposes a major tax on oil and gas development for another $6.5 billion to complement the Interior Department\u2019s <a href=\"https:\/\/thefederalist.com\/2022\/04\/21\/why-bidens-court-ordered-resumption-of-oil-and-gas-leases-wont-bring-down-prices\/\" target=\"_blank\" rel=\"noreferrer noopener\">doubling<\/a> of oil and gas royalties on public lands this spring. <\/p>\n<p>In a <a href=\"https:\/\/www.aga.org\/globalassets\/letter-to-congress-on-methane-fees-090721_final.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">letter <\/a>to lawmakers from the American Gas Association, the industry warned consumers will face a 17 percent increase in their gas bills if the Democrats move forward with their plans to introduce a new methane emissions tax on natural gas. <\/p>\n<p>\u201cWe also estimate that the proposal could put more than 100,000 American jobs at risk,\u201d the trade group wrote to Congress. <\/p>\n<p>Americans are already paying elevated energy prices <a href=\"https:\/\/thefederalist.com\/2022\/07\/07\/yes-bidens-war-on-the-oil-and-gas-industry-is-driving-shortages-and-high-prices\/\" target=\"_blank\" rel=\"noreferrer noopener\">courtesy<\/a> of the president who <a href=\"https:\/\/www.atr.org\/bidenpledge\/\" target=\"_blank\" rel=\"noreferrer noopener\">pledged<\/a> not to raise taxes on those who earn less than $400,000. <\/p>\n<p>In June, gas prices reached an <a href=\"https:\/\/gasprices.aaa.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">all-time peak <\/a>of $5.01 per gallon of regular unleaded and<a href=\"https:\/\/www.eia.gov\/dnav\/pet\/hist\/LeafHandler.ashx?n=pet&#038;s=emm_epm0_pte_nus_dpg&#038;f=m\" target=\"_blank\" rel=\"noreferrer noopener\"> remain <\/a>an average of more than $1.50 per gallon above what they were when Biden took office. According to the Energy Information Administration (EIA), prices for electricity rose at their <a href=\"https:\/\/www.eia.gov\/todayinenergy\/detail.php?id=51438\" target=\"_blank\" rel=\"noreferrer noopener\">fastest pace<\/a> last year since 2008. In the agency\u2019s latest <a href=\"https:\/\/www.bls.gov\/news.release\/cpi.nr0.htm\" target=\"_blank\" rel=\"noreferrer noopener\">report<\/a> on inflation last month, the Bureau of Labor Statistics revealed energy prices are up nearly 42 percent from a year ago.<\/p>\n<p>\u201cSadly, with once-in-a-generation inflation, our families have been suffering under a green tax for well over a year,\u201d Larry Behrens, the communications director for the energy non-profit Power the Future told The Federalist. \u201cMake no mistake, this is what happens when you turn the economy over to the architect of the Solyndra fiasco.\u201d<\/p>\n<p>In 2011, the start-up solar power company went bankrupt two years after capturing a <a href=\"https:\/\/archive.nytimes.com\/green.blogs.nytimes.com\/2009\/03\/20\/energy-department-issues-first-renewable-energy-loan-guarantee\/\">$535 million-dollar<\/a> loan from the federal government under the Obama-Biden administration. Biden\u2019s new spending package with nearly $400 billion dedicated to climate makes similar expenditures to promote wind and solar, including $30 billion worth of tax credits to expedite production of panels and turbines and $10 billion to build manufacturing capacity for panels and electric vehicles. <\/p>\n<p>Alex Epstein, an energy expert and author of \u201c<a href=\"https:\/\/www.amazon.com\/Fossil-Future-Flourishing-Requires-Gas-Not\/dp\/0593420411\/ref=sr_1_1?crid=D4IWN89S0UCH&#038;keywords=fossil+future&#038;qid=1660001306&#038;sprefix=fossil+futur%2Caps%2C142&#038;sr=8-1\" target=\"_blank\" rel=\"noreferrer noopener\">Fossil Future<\/a>,\u201d wrote in a Substack post \u201cworst of all\u201d the legislation gives \u201cthe Biden EPA essentially unlimited power to restrict fossil fuel projects\u201d but gutting a key provision of the Clean Air Act. <\/p>\n<p>The nation\u2019s accelerated transition to intermittent sun and wind has already triggered blackouts in <a href=\"https:\/\/thefederalist.com\/2020\/08\/18\/californias-blackouts-display-the-results-of-kamala-harriss-favored-energy-policy\/\" target=\"_blank\" rel=\"noreferrer noopener\">California<\/a> and<a href=\"https:\/\/thefederalist.com\/2021\/02\/18\/texass-blackouts-are-the-result-of-unreliable-green-energy\/\" target=\"_blank\" rel=\"noreferrer noopener\"> Texas<\/a> while Americans cope with sticker shock in their utility bills and at the gas pump.<\/p>\n<p>\u201cThe Manchin [Green New Deal] gives govt limitless, corruption-inducing power,\u201d Epstein wrote. \u201cThe deal itself has $10s of billions that bureaucrats can allocate arbitrarily. And Manchin\u2019s requested permitting policies would give new, illegitimate powers that are guaranteed to be exercised corruptly.\u201d<\/p>\n<hr class=\"wp-block-separator\" \/>\n<p>\n  Tristan Justice is the western correspondent for The Federalist. He has also written for The Washington Examiner and The Daily Signal. His work has also been featured in Real Clear Politics and Fox News. Tristan graduated from George Washington University where he majored in political science and minored in journalism. Follow him on Twitter at @JusticeTristan or contact him at Tristan@thefederalist.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Democrats\u2019 colossal spending package dubiously named the \u201cInflation Reduction Act\u201d includes plans to spike energy prices with nearly $20 billion in new taxes. According to an analysis by the<\/p>\n","protected":false},"author":494,"featured_media":1596324,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1595953","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1595953","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/494"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1595953"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1595953\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1596324"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1595953"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1595953"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1595953"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}