Congressional battling and the general contempt they have for each other is what is hurting the stock. IMO. The energy bill HR 2776 will likely get vetoed by the president as it has a lot of oil taxes in it. It was suppossed to be voted on today and contains an enlargement and an extension of solar energy tax credits. Administration is not necessarily oppossed to extending and enlarging the solar tax credits but it all may go down because of the tax on oil.
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August 3, 2007
White House Indicates Veto of Anti-Energy Bills
The Statement of Administration Policy today on H.R. 3221 and H.R. 2776 is available here in .pdf format. Well worth reading for the item-by-item listing of strong objections to this wrong-headed wrong direction on energy.
The stated goal of energy reform by the new majority in the House of Representatives was “to achieve energy independence, strengthen national security, grow our economy and create jobs, lower energy prices, and begin to address global warming.” The Administration is disappointed that the House has produced no such legislation, and instead is planning to consider H.R. 2776 and H.R. 3221, two bills that are not serious attempts to increase our energy security or address high energy costs. In fact, the combination of these two bills will result in less domestic oil and gas production, higher taxes to disadvantage a single targeted industry, and duplicative energy efficiency and R&D efforts that are largely underway already.
The White House argues for its "Twenty in Ten" initiative, which is not without its own dirigiste aspects, frankly, but avoids the jobs-killing tax increases and hostility toward domestic energy supply. And the conclusion:
Because H.R. 2776 and H.R. 3221 fail to deliver American consumers or businesses more energy security, but rather would lead to less domestic oil and gas production, higher energy costs, and higher taxes, the President’s senior
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the inevitable development of solar energy is evidenced by the amount of capital flowing into the solar market. Todays stock price would seem to be a blip on the way up but it is a warranted blip as the legislatures inability to compromise holds us temporarily hostage...glta
