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Democrats go after 'Big Oil' friends of Bush
alaska report ^ | January 13th, 2007 | na

Posted on 01/14/2007 7:40:41 AM PST by Flavius

Washington, D.C. - Democrats in the U.S. House of Representatives on Friday introduced a bill that would rescind billions of dollars worth of tax incentives extended to U.S. energy companies and put the money into a fund earmarked for renewable energy. Democrats in the U.S. House of Representatives on Friday introduced a bill that would rescind billions of dollars worth of tax incentives extended to U.S. energy companies and put the money into a fund earmarked for renewable energy.

Sponsors of the Creating Long-term Energy Alternatives for the Nation Act, or CLEAN, said it will save U.S. taxpayers about $13 billion over an unspecified number of years, but industry groups said it could hinder U.S. oil companies' ability to find and develop new energy sources.

Going after "Big Oil" is a top priority of the House of Representatives' Democratic leadership, which says oil companies have earned record profits at the expense of U.S. motorists paying high gasoline prices.

As part of legislation they pledged to unveil in the first 100 hours of the new legislative session, House Speaker Nancy Pelosi and nearly 200 co-sponsors introduced a bill that repeals a 2004 tax deduction for energy companies.

The bill also rolls back tax breaks for geophysical studies conducted by the five biggest U.S. integrated oil companies, and repeals some incentives to produce oil and natural gas in deep waters of the Gulf of Mexico.

However, the bill did not change oil and gas inventory accounting rules that some analysts said were in play in the legislation, and left intact incentives to build new U.S. refineries.

Instead, the lion's share of the savings comes from striking a phased-in 3-percent tax reduction that Congress gave to all U.S. manufacturers in 2004, which would have been in force through 2013. Ending that benefit will save about $6.5 billion in the 2007-2016 period, according to data from Congress' Joint Committee on Taxation.

In comparison, ending the geophysical tax breaks will save $103 million, according to committee data.

The bill would take the savings and put it into a renewable energy fund, which Congress will dole out at a later date to provide incentives for yet-unspecified renewable energy sources.

"This is just an act to take money from the oil industry and use it on alternatives -- that's just a repeat of the mistakes of the past," said John Felmy, chief economist at the American Petroleum Institute, U.S. oil and gas companies' biggest lobbying group.

Similar measures pursued by Congress in the 1980s that taxed oil industry profits and diverted money toward renewables were a "colossal failure" that ended up lowering U.S. oil production and boosting import dependence, Felmy said.

Environmental groups applauded the bill.

Friends of the Earth called the bill "a significant and welcome departure from the energy policy offered by the previous Congress and the Bush administration." Reuters


TOPICS: News/Current Events
KEYWORDS: energy; oil; socialism
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To: Flavius

I'd like to see Citgo summarily ceased.


41 posted on 01/14/2007 9:03:47 AM PST by SteveMcKing
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To: Howlin

Better living through Government intervention of every facet of our lives./s


42 posted on 01/14/2007 9:04:56 AM PST by Dmitry Vukicevich (Give me an MG Genuine Draft. ;))
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To: SteveMcKing
"Seized". ***COUGH***
43 posted on 01/14/2007 9:05:50 AM PST by SteveMcKing
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To: betsyross1776
You make a good point.

The Dhimmis are, by nature, cowards. They never make the tough decisions; they never fight the tough fight.

They prefer to go after the Bush Administration because they view him as damaged goods. Like Hyenas, they think they have hounded a wounded calf from the herd and now will descend upon it to rip it up.

As usual they are wrong (although their tactic may work against Bush). Ultimately the price for the Dhimmicrat's cowardice will be paid by all of us. In this case I guarantee that, should this legislation pass (and escape the veto pen), you and I will pay the difference at the pump! That difference will be subject to various federal, state, & local taxes, so you will get hit a second time! It is likely that there will be a lag in research & development of additional sources of oil, so you will get hit again!

All the while the Dhimmicrats will sit back and bemoan the "mean" big oil men forcing old ladies to freeze to death. They'll get away with it because too many people trust the idiot box in their living room to tell them the truth.
44 posted on 01/14/2007 9:07:34 AM PST by rockrr (Never argue with a man who buys ammo in bulk...)
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To: Flavius

As usual, democrats go after those who create jobs, democrats destroy jobs, and then look for a red herring to detract attention and shift blame.


45 posted on 01/14/2007 9:10:15 AM PST by tkathy (Sectarian violence? Or genocidal racists? Which is a better description of islamists?)
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To: SteveMcKing

Ceased would work, too ;'}


46 posted on 01/14/2007 9:11:13 AM PST by rockrr (Never argue with a man who buys ammo in bulk...)
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To: Flavius

When gas hits $ 8.00 a gallon EVERYONE will know where the blame belongs...DEMOCRATS!!!!


47 posted on 01/14/2007 9:54:46 AM PST by fishbabe
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To: StACase

It's all set up for Mrs. Clinton to return to power--almost like having psychic powers...


48 posted on 01/14/2007 9:56:30 AM PST by 100-Fold_Return (MONEY Cometh To Me NOW)
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To: bray
"Raising Taxes on evil Big Oil. Guess who is going to Pay those Taxes???? "

I HEAR YOU! Sadly, I'm one of the few...:<

49 posted on 01/14/2007 9:58:17 AM PST by 100-Fold_Return (MONEY Cometh To Me NOW)
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To: MinuteGal

bump


50 posted on 01/14/2007 10:00:19 AM PST by MinuteGal (The Left takes power only through deception.)
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To: Flavius
"Apres Novembre, le deluge", said Madame DeFarge, knitting her brows.

Leni

51 posted on 01/14/2007 10:04:07 AM PST by MinuteGal (The Left takes power only through deception.)
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To: Albert Barr

President Ford used his veto pen over eighty times with a Democratic congress. Guess W will need to keep his at the ready during the next two years.


52 posted on 01/14/2007 10:10:08 AM PST by Churchillspirit (We are all foot soldiers in this War On Terror.)
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To: Flavius

What the left doesn't tell you is that it's Kennedy who has done favors, for HIS oil company, while he's been in Congress.

From the book Do As I Say:

Many people are surprised to learn that the Kennedys have been major players in the oil business and continue to receive sizable checks for crude being pumped from their numerous properties.

The Kennedy's have shrouded their oil ownership from the public; the Kennedy's own two oil companies that have drilled for oil in 4 American states.

Financial disclosure records show to each extended Kennedy family members receives between $50-100,000 a year from properties that were purchased for their mineral rights (oil). In total, family revenue from crude oil and natural gas is more than $1 million a year.

Ted led a battle in the Senate (and won) to pass legislation which cut back on "excessive profits" for oil companies. But he made a nice little loophole for his own oil companies.

He made sure the legislation distinguished between "small struggling oil producers" (his companies) and large oil companies.


53 posted on 01/14/2007 10:30:04 AM PST by Peach (The Clintons pardoned more terrorists than they captured or killed.)
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To: Peach

Another one to veto until it gose thru committe.


54 posted on 01/14/2007 10:36:36 AM PST by jocko12
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To: Psycho_Bunny

Psycho_Bunny wrote: "Whenever I hear someone use the phrases "Big Oil" or "Big Business" what I'm actually hearing them say is "I'm an idiot. Please don't take me seriously.""

You may be true, but it doesn't matter. The people who demonize "Big Business" and "Big Oil" are credible to large numbers of Americans. It's tough to politically beat someone like this, especially when more and more Americans support whoever or whatever puts a buck in their pockets (disregarding long-term effects of the policies). I'm not saying all Americans believe it, but substantial numbers do.


55 posted on 01/14/2007 10:49:31 AM PST by CitizenUSA
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To: CitizenUSA

lol....I live in Seattle. There's most likely, absolutely nothing you can enlighten me as to what liberal twits believe.


56 posted on 01/14/2007 12:05:37 PM PST by Psycho_Bunny
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To: 100-Fold_Return

Saving us money? I don't see how this saves us money. We still are going to have to pay high gas prices and gas taxes. The democrats are just taking the money back and putting it somewhere else


57 posted on 01/14/2007 2:08:58 PM PST by virgil
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To: Uncle Ike

" "Pump the water out of the other guy's side of the lake." "

Priceless!!

May I borrow that to use in my "discussions" with economic illiterates? (Sadly, some 99% of my acqaintances...)

Be my guest......Hey, I stole it!


58 posted on 01/14/2007 3:16:25 PM PST by CrazyIvan (If you read only one book this year, read "Stolen Valor".)
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To: Flavius

Idiots, freaking idiots. I hate Democrats I wish people would wake up and vote every one of them out of office.


59 posted on 01/14/2007 3:19:12 PM PST by Extremely Extreme Extremist (Why can't Republicans stand up to Democrats like they do to terrorists?)
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To: Flavius

...and President Bush will vetoe it and they'll be inadequate votes for an override.


60 posted on 01/14/2007 7:26:17 PM PST by MSF BU
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