Ending Big Oil Subsidies and Investing in Energy Independence
The last item on the 100 Hours Agenda? Rolling back multi-million dollar subsidies the GOP-controlled Congress awarded to Big Oil and investing in energy independence.
From the LA Times:
When oil company executives came before the Republican-controlled Congress in 2005 to defend their record profits amid high gasoline prices, they were spared the indignity of being sworn in under bright TV lights, as the tobacco chiefs had been a decade earlier.But with Democrats in charge, perhaps no industry will find the new Congress less hospitable than the oil industry.
That will be underscored Thursday when the House is expected to approve a bill that would repeal billions of dollars in oil industry tax breaks passed by the GOP-controlled Congress.
The measure would raise about $14 billion over 10 years by repealing the tax breaks and by closing a loophole that allowed royalty-free offshore oil leases. The money would be used to promote energy conservation and develop alternative fuels.
Now, just for fun, watch Big Oil try and play "poor me". Someone might need to call the WAAAmbluence:
"This measure is purely political with the goal of punishing an industry that has low favorability on Capitol Hill," said Barry Russell, president of the Independent Petroleum Assn. of America.
Yes. Poor Big Oil. Nobody likes you. Everybody hates you. Guess you'll just eat worms - maybe gourmet worms with those record profits ($97 billion) you made last year while gas prices sky-rocketed?
In the meantime, the majority of Americans (who recognize a handout when they see one), will smile as the new Democratic Congress takes away your ridiculous subsidies and instead invests in clean, renewable, and alternative energy resources, promotes new emerging energy technologies and develops greater efficiency.
Check the facts and read the whole bill, here.
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