Matthew's Foray into Blogging

Friday, July 29, 2005

Oil and Gas Industry Tax Break, er, Energy Bill

The Associated Press reported, “The House by a wide margin approved a mammoth energy plan for the nation today [Thursday, July 28, 2005] that sends billions of dollars in tax breaks and subsidies to energy companies, but is expected to do little to reduce U.S. oil consumption or dampen high energy prices.” The energy bill “would provide $14.5 billion in energy tax breaks, much of it to traditional energy companies,” such as oil and gas. The energy bill would not drive down record-high gasoline prices, reduce American importation of Middle Eastern oil, or significantly boost clean energy technologies. “Rep. Edward Markey, D-Mass., said, ‘This bill is packed with royalty relief, tax breaks, loan guarantees for the wealthiest energy companies in America even as they are reporting the largest quarterly profits of any corporation in the history of the United States.’”

“‘This is a good bill for America,’ declared Rep. Joe Barton, R-Texas, a key author of the legislation.” My question to Rep. Barton is, along with the $2.7 billion in tax breaks to the oil and gas industries, was Congress able to include in the new energy bill a tax break for me?

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