Friday, December 12, 2014

The Palin Tax Cut

In 2008 Sarah Palin made waves during a debate with Joe Biden by prominently repeating the Republican  chant, "Drill, baby, drill!".  Biden was mocking the idea that increased oil supply could lower prices and make us more energy independent.  In doing so he misquoted the slogan saying, "drill, drill, drill".  Palin corrected him, "The chant is ""drill, baby, drill", and that's what we hear all across this country..." Her supporters loved the comeback.

Fast forward after six years of "drill, baby, drill" and we are now under $60 a barrel, are enjoying virtual energy independence, and taxpayers are enjoying the equivalent of a $60 billion tax cut.  None of this is thanks to the federal government.  All the new supply is coming from private land where it is being extracted under state laws that allow advanced techniques like horizontal drilling, hydraulic fracturing, and steam injection.

Sarah Palin may not have won the election, but she was right about the economics of oil, and she should be credited for shepherding this massive tax cut.

Here's Palin explaining the policy and leading the chant in 2008:

And here's some typical mockery of the policy from the left:

1 comment:

  1. I don't have any problems with republicans. But you are a misinformed voter. Also unintelligent