Skip to comments.House seeks more oil royalties, kills tax breaks [aimed at "Big Oil" .....]
Posted on 01/18/2007 3:19:11 PM PST by Sub-Driver
House seeks more oil royalties, kills tax breaks
4 minutes ago
The new Democratic-led House of Representatives on Thursday passed legislation aimed at "Big Oil" that would roll back some industry tax breaks and force energy companies to pay more drilling royalties, valued at $14 billion over 10 years.
Passage of the bill capped House Speaker Nancy Pelosi (news, bio, voting record)'s 100-hour agenda, which also included measures to raise the minimum wage, lower student loan interest rates and bolster homeland security.
The $14 billion raised from the additional royalties and repealed tax breaks would fund research for renewable energy sources
Fuel prices will go up... Thanks Bella Pelosi
commies on a roll
This is a great idea. Let's see if we become more dependent on foreign oil so that we can get involved in even more oil wars.
Don't waste your breath. These clowns don't even understand the first page of Economics 101.
Oh, this is going to be a big help in making us independent of foreign oil.
This just on the tail end of oil down dropping less then $50 a barrel and average prices dipping just below $2g again.
Sigh. Well at least minimum wage is going up so people can afford higher prices </sarcasm>
Big Oil hands out half-billion dollar parachutes yet can't maintain their infrastructure and their exploration is a sick joke.
Sorry, but I'm supposed to defend these guys? I'll split with the party on this one, thanks anyway.
Did we awaken in a new universe on 18 Jan 2007? The Dept of Energy was created in response to the Arab oil embargo and began research into alternative energy sources. They also got management of the country's nukes. Initial funding was $5 billion a year. Are we just starting now after 34 years like we are just starting a moon landing program 34 years after the country already did that? What has been going on for the past 34 years besides Leftist dithering with our national resources?
This action would virtually GUARANTEE our dependence on foreign oil would only INCREASE.
And yet, the Dem'crats would vote overwhelmingly for subsidies to ADM so they could build more and more ethanol plants.
Political correctness is a cancer. And one that is rapidly metastasizing.
This will surely bring down the price of oil. I can't believe the dimocRATS. Hope GWB vetoes it.
Since they have already done that, what should happen now is that no more raises for Congress until the energy crisis is over. In fact, cut their salary by 10% for every year the crisis goes on. Cut it another 10% for every million barrels of oil we have to import. Cut it another 10% for every year they don't allow more drilling in the US. Since they live for money, hit them where it hurts.
This will, as usual, make ARAB OIL relatively cheaper and put us in hock to the Islamofascist terrorists all that more.
But that is as the mobster's daughter Nancy Pelosi has planned. Next, prayer 5 times a day.
Bela Pelosi wants more tax money to squander on BS social programs
We already have a reliable alternative energy supply, if the paranoid liberal dims would get their half witted @$$e$ out of the way. "Nuclear."
If the House is aiming at big oil---,who they will hit will be Joe Consumer.
The big oil companies will pass on the loss to Joe Consumer: Then the House Demorats will take this tax,because that is really what it is, and they will pass it out to their Green Friends who pay lip service to alternative fuels and always come up with squat.
Just more theft from San Fran Nan.
What really hurts is that liberals are too stupid to see thru this crap, and many conservatives stayed home and let this happen.
Look at the vote count, people. The Dems do not have a 101 vote majority in the House.
This is a bi-partisan ripoff.
Want oil companies to pay more royalties? Easy, just let them do more drilling.
Care to explain that?
Pelosi obviously attended the Al Gore school of political timing.
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