Tuesday, May 17, 2011

Oil Drilling News


Senate to vote on bills repealing oil tax breaks, expanding offshore drilling

"The Senate will hold a test vote Tuesday night on a Democratic bill to slash billions of dollars in oil-industry tax breaks to the five largest oil companies. [...] Under a unanimous consent agreement, Senate leadership also agreed to hold a vote Wednesday on a Republican offshore drilling bill that mirrors legislation passed by House Republicans in recent weeks."

Menendez Leads Senate in Debate to End Tax Subsidies for Five Largest Oil Companies
"Today, U.S. Sen. Robert Menendez took to the Senate floor to call for support of the "Close Big Oil Tax Loopholes Act," targeted legislation he introduced last week to end tax subsidies for the five largest oil companies and recoup billions of dollars to help address our nation's growing deficit." Below is an excerpt from his remarks and a video.
"Mr. President, my bill would close several loopholes for Big Oil. Loopholes that, given the current budget climate, would let Big Oil get away without making any sacrifices at the very time we're asking middle class families, the disabled, and the elderly to tighten their belts and help reduce the deficit. There simply is no common-sense explanation for balancing the budget on the backs of working families and letting multi-billion dollar oil companies keep billions in taxpayer dollars." VIDEO: http://www.youtube.com/watch?v=wmR_0EKQz-k

Leading Republicans Agree... Oil Companies Don't Need Taxpayer Handouts (Video)

STATEMENT OF ADMINISTRATION POLICY - S. 940 – Close Big Oil Tax Loopholes Act  
"The Administration strongly supports Senate passage of S. 940, which would repeal tens of billions of dollars in special tax breaks for oil and gas companies over the next decade. While there is no single solution to addressing the effect of rising gas prices on American families in the short term, the Administration has put forth a long-term plan to cut the Nation's oil imports by one-third by 2025.  The plan includes increasing domestic production in the short term, while investing in domestic alternative fuels, and increasing efficiency in the vehicles Americans drive.  It is also clear that there are much more responsible ways to utilize the billions in taxpayer dollars provided to oil and gas companies through unwarranted tax breaks. The Nation's outdated tax laws currently provide the oil and gas industry billions of dollars per year in these subsidies, even though oil and gas prices are high and the industry is reporting outsized profits.  Furthermore, heads of the major oil and gas companies have in the past made it clear that high oil prices provide more than enough profit motive to invest in domestic exploration and production without special tax breaks.  The Administration believes that, at a time when it is working with the Congress on proposals to reduce Federal deficits, the Nation cannot afford to maintain these wasteful subsidies.  The President proposed eliminating these subsidies in his FY 2010, FY 2011, and FY 2012 Budgets.  The Administration believes these resources are better used for efforts that will help the American people, such as deficit reduction or investments in clean home-grown sources of energy.  The Administration considers this bill to be an important step toward more responsible fiscal and energy policies and looks forward to continuing to work with the Congress to end these subsidies."


Splitting Water to Create Renewable Energy Simpler Than First Thought?