macquechoux, I think the entire point of revamping our energy policy at this time is to finally start encouraging domestic and sustainable energy solutions, ones that make sense for the long term...not just making petroluem fuels cheaper! That was 20th Century thinking, and it got us into the horribly dependent mess that we're in now. At some point in a given fuel's maturation, it has to be able to stand on its own two feet. The petroleum industry has had about 100 years to find its rightful place in the energy mix, and has enjoyed many trillions of dollars worth of direct (royalty and tax relief) and indirect (military costs, externalized environmental and health costs) subsidies over that time. If we can't get along without subsidized petroleum at this point, then we don't want it, and don't need it. So I can't get too excited about higher petroleum costs...especially if it means lower costs for domestic and renewable energy in the long run.

You mean, increase the cost of doing oil-dependent business.

I think that's a good thing.  I think petroleum should be taxed up to at least $5/gallon (perhaps more, and augmented by license, lane and speed restrictions on vehicles from H2 Hummers down to full-size pickups).  We should make it both expensive and inconvenient to be a wastrel.

Oil is going away.  The last thing I want is to encourage anyone, starting with the oil companies, to think that this isn't the beginning of the end of the oil age.  If a repeal of a tax break helps, it's doing at least some good.