Pump Prices Pumped Up
May 19th, 2008 by Peter SudermanHere’s a video of Nancy Pelosi complaining about high gas prices just a few weeks ago. Indeed, we’ve seen steep jumps in price at the pump. But what was Pelosi doing just a few months before? Advocating tax credits for gas stations that pump ethanol, as well as additional tax credits for ethanol and biodiesel producers.
Problem is, biofuel subsidies are driving up world food prices, contributing to global warming, and making gasoline less powerful — meaning you’ll have to use more of it just to go the same distance. High gas prices are indeed going to cause financial hardship for some, but this sort of government mucking in the energy sector is hardly a solution.
