Big Oil's tax breaks subject of Dem Congress investigations

[TayTay]

Democrats want to redistribute Big Oil money

CAPITOL HILL Big Oil is likely to find itself on the defensive when Democrats take the reins of Congress next month.

Aides say House Democrats plan to set up a dedicated fund promoting renewable energy and conservation, using money derived from oil company profits.

Tax breaks approved just 18 months ago will be on the table. So will a push for more ethanol use.

The House may also launch an investigation into shortfalls in royalty payments to the government. It's a probe supported by both Republicans and Democrats who believe (B) billions in payments to the government were unfairly dodged because of a loophole in company leases.

http://www.ktre.com/Global/story.asp?S=5861087

hmmmm, where did I hear this before? Oh yeah, Faneuil Hall on June 26th, 2006. Soem wicked smaht tall guy was talking about looking at the obscene tax breaks Big Energy was getting and using them to start a Trust Fund for developing renewable energy.

But like all the funding in my proposal, let’s not leave it subject to the whims of Congress and an army of appropriators. We need to create a new security and conservation trust fund to guarantee the resources to move the nation towards energy independence. This isn’t a matter of capacity, it’s a matter of willpower. We have the money, the question is whether we have the right priorities. Just by rolling back the tax breaks for big oil which even President Bush opposes, and by renegotiating oil leases, we can invest in a fund for energy security.

Instead of a tax code that works for the K Street lobbyists, let’s provide an aggressive set of tax incentives and grants to ensure that by 2020, 20 percent of all passenger cars and trucks on the road will be fuel efficient, low emissions hybrid vehicles. Sure, hybrid vehicles are more expensive today. But they don’t have to be if we put a little presidential muscle behind them. The doors of college were only open to the rich and powerful until President Lincoln pioneered a system of Land Grant Colleges that gave us UMass and URI and the University of Connecticut. After World War II, highways and roads were underfunded by local governments and some were unusable until President Eisenhower pushed through a national highway system. You want hybrid vehicles out on those highways? Make it affordable for Americans to buy American hybrids – because that’s a hell of a lot better than subsidizing Saudi sheiks who look the other way while madrassas teach kids hatred and violence. Here‘s another bottom-line: Good energy policy is also fundamental to coping with global climate change.

http://kerry.senate.gov/v3/cfm/record.cfm?id=261502

[ProSense]

1. Report on oil company incentives released

more than a year after it was issued. Obviously, it's not good news about incentives.