Republican Congressman Introduces Bill to End Legislative Manipulation of Energy Marketplace

[Geee]

CNSnews:

(CNSNews.com) – Rep. Mike Pompeo (R-Kan.) is introducing legislation in the House that would put an end to energy subsidies to certain sectors of the energy market, including those included in another bill, H.R. 1380, which provides tax subsidies for the production and purchase of natural gas vehicles and certain other energy “infrastructure” projects.

Pompeo said H.R. 267 would put a stop to “all picking of winners and losers, subsidizing particular energies, trying to identify what the next great technology will be.”

“I think it’s a fool’s errand to try to predict it, and I think it’s bad policy when we do,” Pompeo said at a press conference on Friday on Capitol Hill to announce his bill.

He said H.R. 1380 is “the perfect example of a federal policy that’s trying to identify and select a winner” in the energy marketplace.
According to OpenCongress.org, H.R. 1380 is “designed to promote a switchover from petroleum-based fuels to natural gas for transportation.”
The legislation “would provide a variety of tax breaks to trucking companies, vehicle owners, vehicle manufacturers and fueling stations to transition from gasoline and diesel to natural gas.”

The bill also “would provide approximately $5 billion in subsidies over a five year period, though an official budget estimate has yet to be conducted.”