House Energy Bill Increases Tax Breaks (washingtonpost.com)
Pity the poor oil companies. Gas is up to $2.50/gal in some places and widely predicted to hit $3.00 soon. Oil companies are raking in record profits. So, of course, they are the industry most in need of a huge tax break!
The president’s proposed budget calls for $6.7 billion in tax breaks for energy, with 72 percent going toward renewable sources of energy and energy efficiency…
Well, well, now isn’t that a huge tax break! But at least the majority of the breaks go toward weaning us off of our oil addiction. You know Arbusto W. Shrub is going to give it up for his corporate oil buddies, so at least there’s incentive there for alternative energy and conservation. It’s the best you can hope for from Arbusto W. Shrub and Dick Cheneyburton… huh? What’s this?…
The House this week will consider $8 billion in tax breaks targeted to the energy industry [(with about 6 percent going toward renewable sources of energy and energy efficiency)] at a time when some of those companies are enjoying soaring profits from high consumer prices.
The vast majority of the tax breaks would benefit companies that produce and supply traditional forms of energy, with a large portion going to the oil and natural gas sector.
… “I will tell you with $55 oil we don’t need incentives to oil and gas companies to explore,” Bush said in a speech to newspaper editors in Washington. “There are plenty of incentives. What we need is to put a strategy in place that will help this country over time become less dependent.”
Geez, how deep in the pockets of Big Oil must DeLay and his House Republicans be when George W. Bush is berating them for their energy bill giveaways?
