House Approves Taxes on Oil Companies

uscitizen

uscitizen

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House Approves Taxes on Oil Companies

Aug 5, 3:32 AM (ET)

By H. JOSEF HEBERT




WASHINGTON (AP) - Declaring a new direction in energy policy, the House on Saturday approved $16 billion in taxes on oil companies, while providing billions of dollars in tax breaks and incentives for renewable energy and conservation efforts.

Republican opponents said the legislation ignored the need to produce more domestic oil, natural gas and coal. One GOP lawmaker bemoaned "the pure venom ... against the oil and gas industry."

The House passed the tax provisions by a vote of 221-189. Earlier it had approved, 241-172, a companion energy package aimed at boosting energy efficiency and expanding use of biofuels, wind power and other renewable energy sources.

"We are turning to the future," said House Speaker Nancy Pelosi.

For full story:
http://apnews.myway.com/article/20070805/D8QQNQM00.html
 
uscitizen said:
House Approves Taxes on Oil Companies

Aug 5, 3:32 AM (ET)

By H. JOSEF HEBERT




WASHINGTON (AP) - Declaring a new direction in energy policy, the House on Saturday approved $16 billion in taxes on oil companies, while providing billions of dollars in tax breaks and incentives for renewable energy and conservation efforts.

Republican opponents said the legislation ignored the need to produce more domestic oil, natural gas and coal. One GOP lawmaker bemoaned "the pure venom ... against the oil and gas industry."

The House passed the tax provisions by a vote of 221-189. Earlier it had approved, 241-172, a companion energy package aimed at boosting energy efficiency and expanding use of biofuels, wind power and other renewable energy sources.

"We are turning to the future," said House Speaker Nancy Pelosi.

For full story:
http://apnews.myway.com/article/20070805/D8QQNQM00.html
Click to expand...

Why not just tax gas?

Well, anyway, this probably just undoes the massive subsidies they were getting in any case.
 
Fabulous, just fabulous, since oil use will be a new source of revenue for the government, they will be disinterested in sincerely getting off oil. Damn leftists are so fucking dumb.
 
I think the taxes are just pretty much restoring costs like OIL royalties that were dropped in the late 90's , and perhaps doing away with some other tax breaks.
 
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