With oil clearing the $100 benchmark and ongoing instability in key oil producing regions of the globe, politicians in Washington want credit for some form of energy legislation, even if it is wrong for the country. What Congress has really concocted is a transfer of wealth scheme that raises taxes on oil companies to provide subsidies to "alternative energy." The bottom line on their latest energy fiasco is that it raises taxes on select oil companies, spares foreign oil companies the same tax increases and hands over subsidies to some of the largest companies in the country who will benefit from the "renewable" tax credits.

This $18 billion tax increase concocted by Congress includes a provision that takes away a manufacturing tax credit - which companies across the board can use - from only the five largest oil companies.

bad as it is to raises taxes for the energy industry during an economic slowdown, a tax increase that's only aimed at specific companies undermines energy security