House Votes To Repeal Oil Tax Breaks, Finance Renewables

[OKIsItJustMe]

http://money.cnn.com/news/newsfeeds/articles/djf500/200802271646DOWJONESDJONLINE001072_FORTUNE5.htm

House Votes To Repeal Oil Tax Breaks, Finance Renewables

Dow Jones
February 27, 2008: 04:46 PM EST

WASHINGTON -(Dow Jones)- The U.S. House of Representatives on Wednesday voted to repeal $18 billion of tax breaks for oil and gas producers and use the savings to finance tax incentives for wind-power projects, solar panels, and more energy-efficient cars.

The bill passed by 236-182, but faces long odds amid opposition in the Senate and a White House veto threat. But it allowed House Democrats to promote renewable energy as an alternative to high-priced oil and to take aim at the oil industry, which is in the midst of a profit boom as prices keep rising.

"We have the opportunity to invest in clean, renewable energy and energy efficiency and grow our economy, creating new jobs," said House Speaker Nancy Pelosi, D-Calif.

Republicans said that they supported extending tax credits for renewable- energy investments that expire at the end of 2008. But they complained that taking away tax breaks for oil companies would drive production overseas, to less stable countries, and make it harder for U.S. companies to compete in a global economy.

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[Old and In the Way]

1. The financiers of the Republican Party won't be happy

but this will start the process of creating a national energy strategy that reduces our risk to foreign energy sources (and the costs associated with protecting it) and puts people back to work in developing a new economy around decentralized energy. Good news indeed.

[pinto]

2. Good statement from the House.

A shot across the bow, at least, for green technology.

[Joanne98]

3. YAY!!!!!!

[Deja Q]

4. Republicans are wrong.

Unless they know something so big, no tinfoil hat can contain them, there is no way production would be sent overseas as such and they'd lose too much in profits here in America.

Republicans do say people need to pull up themselves by their own bootstraps; welfare being wrong. Now of all the companies that need such benefits and other tax incentives, do oil companies really need taxpayers' help?

We'll always need oil. That's inevitable. So they are not going to be hurt in any tangible form by rescinding any tax breaks, unless the tax breaks they get are so humongous in the first place, which they can not possibly be...?

Besides, other countries subsidize gas for their people. Usually ones deemed "Communist", like China.

[alstephenson]

5. Good on you, House Reps. eom

[Hydra]

6. No more handouts for the oil companies?

Expect the screams from Exxon and others to be shrill...

Oh, wait. 236/182 = 56.4%

Not even close to veto proof. Maybe they'll jerk the handouts from the budget. We'll see.

[Froward69]

7. !!!

:applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause: :applause:

[pscot]

8. Make those Senate Republicons squirm

One more vote for their Democratic opponents to run against this fall.