With gas prices hovering at $4 a gallon, Senate Majority Leader Harry Reid of Nevada reportedly wants a Senate vote this week on a measure to punish oil companies by denying them $21 billion in tax credits and deductions routinely given to other businesses. At President Obama’s request, Reid would instead use the money to fund alternative energy development projects that the Energy Information Administration says won’t be able to replace fossil fuels to any significant degree for two to three decades. At best, Reid’s approach will do absolutely nothing to take the pressure off the wallet of American families. More likely, the Obama-Reid program will make gasoline more expensive. By discouraging U.S. oil production, Obama and Reid will force American consumers to be even more dependent on foreign sources like OPEC and Venezuela’s Hugo Chavez. This in turn will hinder the economy from creating new jobs to ease the 9 percent unemployment rate.

But don’t take our word for it. Obama and Reid should pay close attention to the Congressional Research Service (CRS), as well as to members of the Democratic caucus.