What a crock.
The bill does increases taxes for oil companies, but it’s in the form of taking away subsidies and special tax breaks. Given the record, and windfall, profits oil companies are enjoying, this is reasonable. They don’t need tax breaks in these highly profitable times. Higher utility bill will result only if the oil companies raise their prices even further to make up for the lost tax breaks.
I suppose that if car manufacturers incur costs to raise fuel economy, and they pass along those costs, then drivers might have to pay more. However, in the current highly competitive environment it’s not clear that manufacturers can pass along such costs. Also, c’mon, it’s obvious that better fuel economy will save drivers money.
From NHTSA's website, www.nhtsa.gov. "Report to Congress: Study of Feasibility and Effects of Reducing Use of Fuel for Automobiles"
NHTSA’s decision to raise light truck standards for 7 consecutive model years (2005-2011) will contribute greatly to reducing fuel consumption. In addition to the 14.3 billion gallons of fuel saved over the lifetime of the vehicles affected by the standards, NHTSA also completed and institutionalized a size-based CAFE reform structure that will save more fuel than the unreformed CAFE structure without negatively affecting safety and jobs.
I figure that 14.3 billion gallons of fuel saved, times $3.00 per gallon, means a savings of $43 billion. And there is the real problem for ATR; that’s $43B that won’t be going to oil companies.