http://www.southcoasttoday.com/apps/pbcs.dll/article?AID=/20071113/OPINION/711130318Every schoolchild in America learns about Paul Revere's contribution to the birth of our nation. But only rarely do we hear about his success as an entrepreneur. In the years after his heroic and famous "midnight ride," Revere started a business in New Bedford. He saw potential in the large-scale manufacturing of metal products, and launched a trailblazing copper company that put residents of New Bedford to work for almost 150 years.
Sadly, Revere Copper was forced to close its doors this March, leaving the families of its 85 employees out in the cold. Like many shuttered businesses, Revere Copper couldn't keep up with skyrocketing energy costs.
The numbers are striking. Massachusetts residents are paying record amounts to heat their homes, with costs for heating oil up 30 percent from last year. The Massachusetts Board of Transportation paid $25 million to power the subways and light the stations last year. This year, their energy costs will nearly double to over $42 million. But the costs of America's failed energy policy are even more widespread, and no one is feeling the pressure more than our small businesses.
Earlier this year, I chaired a hearing on the impact of rising fuel prices on American small businesses, and we heard again and again from small business owners what we already knew: The rising price of fuel ultimately leads to less consumer spending, less capital for businesses to invest in growth, and depressed profits. These same businesses are also juggling considerable increases in health care costs, diminished access to capital due to a tightening lending market, and global competition from foreign companies that aren't facing the same constraints.
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