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Subsidy Fever

Recorded on June 12, 2011

From The Heritage Foundation, I'm Ernest Istook.

We have too many wasteful energy subsidies, yet Congress may make the problem even worse.

All forms of energy should get the same tax treatment, including oil and gas and coal. Yet we spend billions to subsidize electric cars that don't sell, ethanol that lowers your mileage and drives up food prices, wind and solar power that are far more expensive than fossil fuel.

Now there's legislation that could make things even worse. Some want billions to subsidize vehicles powered by natural gas, and to create an infrastructure to support them. Natural gas is a great, clean fuel, but it can compete on its own without extra taxpayer money.

Nuclear power also should be expanded—but not with billions in government payments or loan guarantees.

Existing energy subsidies have created a mess; we should get rid of the old subsidies, not create more.

From The Heritage Foundation, I'm Ernest Istook.