Note: Revised this quite a bit for the Substack version, too lazy to redo it here,
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| All-electric zero-emission Freightliner Cascadia 2025, by Daimler Truck North America, via Beverage Industry. |
Over the weekend, presumptive Maine Democratic Senate candidate Graham Platner released his "Take Back American Power" energy plan, attacking the ferocious rise in energy prices that Americans including Mainers have been suffering with over the last couple of years for heating, driving, and running farm equipment: he offers to cut prices by eliminating the federal gas and diesel tax; subjecting oil companies to the windfall profits tax proposed by the Biden administration in 2022 and currently pushed under the leadership of Sen. Sheldon Whitehouse and Rep. Ro Khanna, which is supposed to encourage them to stop price gouging; and inviting states to freeze or lower their electrical utility rates in return for money to finance low-cost clean-energy infrastructure projects (carrying on the legacy of the Biden Infrastructure and Jobs Act of 2021).
And a bunch of other stuff, including a genuinely socialist-sounding supplement to the Biden Energy Infrastructure Reinvestment Program but bypassing the private capital, which
would issue debt backed by the full faith and credit of the federal government, and partner with state lending authorities to provide cheap capital directly to utilities, rural electric co-operatives, public energy authorities, and other developers of low-risk clean energy projects. Developers of fully permitted, shovel-ready transmission lines or offshore wind projects, for example, could tap the Infrastructure Fund at rates close to the federal funds benchmark – considerably lower than their borrowing costs on private debt and equity markets – and pass tens of billions in savings on to ratepayers.
That's an Elizabeth Warren proposal, and the most interesting thing in the list to me, though I'm pretty enthusiastic about the windfall profits tax (per barrel of oil, charging 50% of the difference between the prices of the current year and the previous year), which has a realistic prospect of passing if we elect a Democratic Congress in November, which is of course more likely if Platner takes the Maine seat from Concerned Susan Collins.
The canceling of the federal gas and diesel tax, in contrast, seems more than a bit off target, given the tax's aim of discouraging fossil fuel use while funding clean energy projects. Whitehouse-Khanna have a better proposal with their version of the windfall profits tax, offering cash rebates to everybody (including nondrivers). Besides, the federal gas tax is apparently a pretty modest part of the cost of driving, substantially less than state and local gas taxes, to say nothing of what drivers have been paying on top of that for Trump's Iran war, per this NBC report (whole chart at the link):

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