Interestingly, from Ms. Pelosi's website (http://www.speaker.gov/legislation?id=0162) is her opinion of the Renewable Energy and Energy Conservation Tax Act of 2008, H.R. 5351, the legislation in question. Having read the legislation, particularly Title III which deals with its Revenue Provisions, significant reductions in the tax deductions given oil companies are proposed.

It doesn't take a financial genius to note that if you reduce tax deductions, you increase taxes paid, and if there are no other revenue changes, then profits are reduced. Reduced profits mean reduced stock dividends, which means reduced moneys to many who hold these stocks (e.g., pension plans). The only gainer is the Federal Treasury by virtue of higher taxes on oil profits - money that Washington can spend as it see fits.

In order to keep dividends at the same level, which means profits would have to be at the same level, then energy prices would have to be raised to the consumer. That's a good deal? ? ? ?

To quote from Ms. Pelosi's website:

The bill is fiscally responsible – paying for these energy incentives by repealing unnecessary tax subsidies for large integrated oil companies. The big five oil companies recently reported record profits for 2007, with ExxonMobil earning $40.6 billion - the largest corporate profit in American history. While oil company profits have quadrupled, high energy prices continue to squeeze American families – gas prices have skyrocketed and home heating oil has jumped along with other household costs.

Watch Speaker Pelosi speak in support of the legislation:

If it walks like a duck.......