I haven't seen anything about it in the newspaper or heard about it on TV, but the House has passed a bill reducing the incentives given to oil companies for developing new energy supplies. Of course, the Kennedy's favorite dictator, Hugo Chavez, is not affected.

Venezuelan socialist dictator Hugo Chavez is cashing in on new Democrat energy policies, which are triggering higher oil prices. They are now threatening to add $18 billion in new taxes for oil companies. That should help. Coincidentally, Citgo, which is the oil company owned by Venezuela, is the only company which is exempt from Democrats’ new taxes.

Passing 236-182 on a House vote last week, H.R. 5351 terminates the tax deduction for major oil companies for exploration, extraction, refining and marketing of petrochemical energy. Thanks to the Democrats, the petro-dictator’s oil subsidiary retains its six-percent deduction for U.S. domestic manufacturing because Citgo buys from Chavez.

The rub for American consumers is that they ultimately will foot the $18-billion bill for a single winter’s worth of reduced-price heating oil given to a few thousand customers in two states, in addition to the privilege of suffering through secondary job losses and higher prices on goods. Remember that the next time you fill up at the pump after prices jump another 50 cents a gallon. Only in the twisted mind of Democrats does their professed revulsion at oil company profits justify such redistribution of wealth.

It is curious that Democrats do not want to develop new supplies of petroleum. I wonder if Democrats are really dumb enough to think oil companies will not pass this along to consumers. Maybe they are. I suppose there is a chance that Bush will veto this bill if it makes it through the Senate.