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GOP Protects Tax Breaks For Oil Companies While President Obama Fights For Balanced Energy Policy

September 07, 2011 at 9:31 P.M.

At the debate, the Republican candidates distorted President Obama’s energy record, even though he has been pursuing all forms of responsible domestic energy production, including a record investment in clean technology and approved the first new nuclear plant in 30 years. Republicans, however, all will protect special tax breaks for oil companies that have seen massive profits, all at the expense of middle class families.

 

REALITY: GOP PRESERVE OIL COMPANY TAX BREAKS WHILE OIL COMPANIES MAKE MASSIVE PROFITS

All GOP Presidential candidates have endorsed the GOP Budget plan that Preserves $40 Billion In Tax Breaks For Oil Companies While Cutting Investments In Clean Energy Technology. [Center for American Progress Action Fund, 4/6/11]

The Big Five Oil Companies “Posted Massive Second Quarter Profits” With $35.1 Billion In Combined Profits. [Think Progress, 7/29/11]

 

REALITY: PRESIDENT OBAMA HAS MADE HISTORIC INVESTMENTS IN RENEWABLE ENERGY THAT HAVE CREATED HUNDREDS OF THOUSANDS OF JOBS

CEA Estimates That Investments In The Clean Energy Sector Made Through The Recovery Act Created Or Saved 225,000 Jobs. [PolitiFact, 7/12/11]

DOE Estimated That Clean Energy Spending Provided By The Recovery Act Resulted In More Than 168,000 Jobs. [Pew Center on Global Climate Change, June 2011]

The Recovery Act Provided $90 Billion In Funding For Loan Guarantees To Energy Efficiency And Renewable Power Sources. [Recovery.gov, 1/13/11]

  • “The $787.2 billion stimulus plan that President Barack Obama will sign Tuesday includes the nation's largest investment to date in cleaner energy.” [McClatchy Newspapers, 2/16/09]

The ARPA-E Program Was Launched By The Obama Administration’s Department Of Energy And Received Its Initial Funding Through The Recovery Act. [EERE Network News, 4/29/09]

  • ARPA-E Projects Generated $33 Million Worth Of Private Investment Within The First Two Months Of DOE’s Award Announcements. [ARPA-E Report to Congress on the FY 2011 Budget, accessed 9/7/11]
  • Five ARPA-E Projects Have Received $100 Million In Investments From The Private Sector. [Platts, 8/30/11]
 

REALITY: PRESIDENT OBAMA CONTINUES TO CALL FOR THE SAFE AND RESPONSIBLE EXPANSION OF DOMESTIC OIL PRODUCTION, INCLUDING ENCOURAGING OIL COMPANIES TO UTILIZE THE LAND THEY’VE ALREADY LEASED

President Obama Has Called For The “Safe And Responsible” Expansion Of Domestic Oil Production And Has Worked To Speed The Leasing Process In Order To Give Oil Companies More Time To Implement Safety Measures To Prevent Spills. [CNN, 5/14/11]

Since President Obama Took Office, The Bureau Of Land Management Has Held 84 Oil And Gas Lease Sales For Over Two Million Acres Of Land. [Bureau of Land Management, accessed 9/5/11]

The Bureau Of Ocean Energy Management, Regulation And Enforcement Has Issued 71 New Shallow Water Well Permits And 22 New Deepwater Well Permits In The Gulf Of Mexico Since June 2010 And October 2010 Respectively. [BOEMRE, accessed 9/7/11]

  • Overall, BOEMRE Has Approved 668 Permits For New, Sidetrack, Bypass, And Revised Offshore Wells In The Gulf Of Mexico Since June 2010. [BOEMRE, accessed 9/7/11]
  • There Are Only 15 Shallow Water And 4 Deepwater Permits Pending. [BOEMRE, accessed 9/7/11]

Chevron CEO: “I Don’t Believe That Director Bromwich And His People Are Trying To Slow-Walk Permits.” [Houston Chronicle’s Fuel Fix blog, 9/7/11]

President Obama’s Energy Plan Includes Incentives Aimed At Encouraging Oil And Gas Companies To Utilize The Millions Of Acres They Already Have Leased For The Production Of Oil And Natural Gas. [Remarks by the President on America's Energy Security, 3/30/11]

The Department Of Interior Has Scheduled The First Lease Sale In The Gulf Of Mexico Since Last Year’s Oil Spill And Will Offer More Than 20 Million Acres For Oil And Gas Exploration And Development. [Department of Interior, 8/19/11]

The Department Of Interior Found That More Than Two-Thirds Of Leases In The Gulf Of Mexico And More Than Half Of Leases Onshore Remain Idle. [Department of Interior, 3/29/11]

  •  70% Of Offshore Leases Are Neither Producing Oil Nor Awaiting Approval Of Exploration Or Development Plans. [Department of Interior, 3/29/11]
  • 45% Of All Onshore Leases And 57% Of All Leased Acres Are Inactive. [Department of Interior, 3/29/11]

 

REALITY: PRESIDENT OBAMA HAS ENCOURAGED THE GROWTH OF AMERICA’S NUCLEAR ENERGY SECTOR

The Obama Administration Issued A Loan Guarantee For The Construction Of The First Nuclear Power Plant To Be Built In The United States In Nearly 30 Years. [FoxNews.com, 2/16/10]

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