House Votes to Rescind Oil Drillers' Tax Breaks

  1. House Votes to Rescind Oil Drillers' Tax Breaks

    ...legislation would rescind $14 billion in tax breaks and subsidies for oil drillers and reserve the money to develop alternative energy projects and conservation technologies.
    The measure passed 264 to 163, with many Republicans joining a bloc of Democrats. Passage came despite opposition from the oil industry and the Bush administration, which said the bill singled out the companies for higher taxes and could increase the country's dependence on foreign oil.
    The bill will rescind $7.6 billion in tax breaks for oil drillers that Congress passed in 2004 and 2005 and will add $6.3 billion in royalties from companies that pump oil and gas in publicly owned waters of the Gulf of Mexico and off Alaska....
  2. 10 Comments

  3. by   pickledpepperRN
    WE pay subsidies to the most profitable corporstion.
    I cannot believe what they do is more important than what nurses do.

    Exxon Mobil Corp. on Thursday, Feb. 1, 2007 posted the largest annual profit by a U.S. company, $39.5 billion. The 2006 profit topped the previous record of $36.13 billion which Exxon set in 2005.

    Proposals by congressional Democrats to eliminate oil industry tax breaks and subsidies would set a bad example overseas and discourage new industry investments, Exxon Mobil's top executive said Thursday….

    … U.S. tax breaks intended to encourage steps such as refinery expansion and oil exploration "are not that material" to Exxon Mobil's profit, said Tillerson, who spent years leading Exxon ventures overseas before being named chairman and CEO in January. …
  4. by   pickledpepperRN
    A Democratic senator was a "welfare queen too.

    Confessions of a Welfare Queen
  5. by   CHATSDALE
    between this and the iranians we are going to be paying $5 a gallon
  6. by   SmilingBluEyes
    Sheer madness. The inmates have run the "asylum" for way too long now.
  7. by   Roy Fokker

    How many of us are going to vote Democrat/Republican next election?

    Or are we going to vote for someone else/abstain?

  8. by   pickledpepperRN
    I plan to vote.
    The candidates of both parties seem to be likeable individuals.
    I don't completely agree with any of the front runners.
    How about voting for one who did not get funds from oil companies?
  9. by   SmilingBluEyes
    Terrible choices: Democrat or Republican. I am much the independent, but these corrupt parties have it all "sewn up". siiiiiiiiiiiiiiiiighhhhhhhhhhhhh
  10. by   herring_RN
    why do oil companies need tax breaks?
    obama told the palm beach post that he would be willing to support limited additional offshore oil drilling if that's what it took to enact a comprehensive policy to foster fuel-efficient autos and develop alternate energy sources.

    shifting from his previous opposition to such drilling, the illinois senator said he could get behind a compromise with republicans and oil companies to prevent gridlock over energy. "my interest is in making sure we've got the kind of comprehensive energy policy that can bring down gas prices," he said....,5561485.story
    supporters of the measure noted that rescinded tax breaks would amount to less than 2 percent of the profits of the five biggest oil companies. even if the companies were to pass along that entire cost to gasoline consumers, it would amount to about a penny a gallon:
    the mccain plan to cut oil company taxes by nearly $4 billion:
  11. by   CHATSDALE
    when the congress first met the summers in washington were obpressively hot so august was disignated as a summer recess...air conditioned buildings have been the norm for many years but they still take off the entire month of august, this year they could have stayed and worked on an energy bill but they have such an impressive record they deserved this time off
  12. by   herring_RN
    Before Senator McCain took the huge "donation" from the oil companies I thought he could be a President willing to compromise for a better balanced energy policy.
    Now I do not trust him at all.
    Government of, by, and for big oil is what we have had.
    I hope it does not continue in the next administration.