House votes to roll back oil tax breaks
Energy was the key word in the House Thursday, as House Speaker Nancy Pelosi, D-Calif., celebrated what the Democrats see as a commitment to investing in renewable energy. The bill passed 264 to 163. Pelosi also created a new Select Committee on Energy Independence and Global Warming and plans to have energy legislation done by July 4.
But Republicans came out in force against the bill, which they say does nothing for energy independence and would raise oil prices so Americans would pay more at the pump. The measure also could increase taxes, they said.
It's "poor policy that's just plain wrong," said Rep. Rob Bishop, R-Utah, who voted against the bill.
Bishop said Congress avoided a tax increase for almost 13 years, and it took the Democrats only 13 days to create one. "While predictable, their efficiency and commitment to taxing is remarkable," Bishop said.
According to House Majority Leader Steny Hoyer, D-Md., the bill repeals several loopholes that allowed tax breaks for oil companies to encourage manufacturing and studies on oil exploration. It also ends rules allowing oil companies operating in the Gulf of Mexico to avoid fees.
Bishop said this "will raise the cost of gas and home heating for every American, ship manufacturing jobs overseas and increase, not decrease, our dependence on foreign oil."
"If we're going to tax anything, it ought to be foreign oil coming over, not domestic oil that could be produced and refined here," Bishop said. "We're not going to help this economy and our energy supplies by going after American energy producers, where the increased costs then get passed on to American consumers in the form of higher prices."
Democrats would use the $14 billion these eliminated tax breaks would generate to create a "Strategic Energy Efficiency and Renewable Reserve." The money would be invested in renewable energy programs to be determined at a later date, Pelosi's office said. The goal would be more renewable energy resources, conservation efforts and research and development into cleaner technologies.
Rep. Jim Matheson, D-Utah, supported the bill, calling it a good step in the right direction to "wean" the country off oil. Matheson, supports renewable energy technology and worked on the issue when he sat on the House Science Committee. He is now on the House Energy and Commerce Committee but is working with leadership to remain on his other committee.
Matheson spokeswoman Alyson Heyrend said what the Republicans are calling a tax increase, is just the elimination of a loophole that allowed companies to qualify for a tax provision intended to encourage domestic manufacturing. As the rising number of drilling leases in Utah indicate, she said, the market determines how producers invest in oil and gas, so eliminating this loophole is not going to impede any production.
Comments
- Trial begins in Hilton contract 12:57 p.m.
- Clippers sign No. 1 pick Griffin 12:50 p.m.
- MLB fans feel priced out at ballpark 12:48 p.m.
- GM sale cleared 12:47 p.m.
- House passes food stamps bill 12:33 p.m.
- Utah man to serve 4 years for fraud 12:26 p.m.
- U.S. to launch $15B food initiative 12:06 p.m.
- Violence hits Iraq 12:04 p.m.
- What's it worth? 11:53 a.m.
- Pistons pick Kuester as new coach 11:26 a.m.
- Blazers may offer Millsap a contract
- Utah's top 10: Wealth of recreation
- MWC, WAC rushed into BCS
- O'Connor unhappy Fes not with team
- Teen injured in fall from waterfall
- River flow marks birth of sanctuary
- Keeping golf light on the wallet
- Fatigued Jazz no match for Pacers
- Murder charge filed in shooting
- Jazz payroll is $3.1 million over tax
- Letters: Palin mistreated
134 - Teachers struggle with district cuts
133 - Bronco collecting a galaxy of recruits
132 - 'Tea party' protesters unhappy
107 - Fairness of BCS debated
81 - Stadium of Fire lights up the 4th
78 - Blazers may offer Millsap a contract
76 - Chaffetz eyes challenging Bennett
72 - Millsap not franchise player
70 - Services bids farewell to Jackson
70
Through the years, I've always raised eyebrows whenever I tell people...
The recent Poly camp in Bountiful opened the eyes of recruiters to at...
Seems to me that the economy, health care, etc have gotten plenty of notice....
WOW!! Seeing the lack of diplomacy and maturity in these blogs, as well as...
Oh, I'm sorry, I guess I should have been more specific. I was not talking...
Oh my. Government destroys our health care system and now people want them to...
As a Democrat, I hope that Chaffetz challenges Bennett so that all of Utah...
The Taliban are very bad and clearly training terrorists. That's why we...
It was Woodland when my grandfather was born there, and that was a long time...
The only explanation needed will be the empty green seats and the dramatic...
I'd rather look at wind turbines than breathe polluted air caused by the...
Conservatives oppose Food Stamps, is that what they mean by "family values"...


You can be the first to comment on this story.