Here we go again. For the fourth time over the past 12 months, a bill that would rescind a tax break for the five biggest oil companies and use the revenue to boost incentives for wind and solar energy and energy efficiency is headed to the Senate. The measure passed the House yesterday by a vote of 236 to 182, but the $18 billion dollar package faces tough opposition from the likely suspects. The Bush administration, Republican lawmakers and big oil companies are all against the bill — saying it unfairly discriminates against a single industry. While they’re busy wiping their tears with record profits (Let’s not forget oil hit $102 a barrel this week), those in favor of the bill say that oil companies are more than healthy enough to afford paying an additional $1.8 billion a year in taxes over the next 10 years. My heart goes out to them. From the article,
“Supporters of the measure also said that by extending tax breaks for wind and solar energy, the bill would prevent the loss of jobs linked to those fast-growing industries. Solar and wind energy companies have been arguing that investment would slow sharply without an extension of investment and production tax breaks for their industries, which are set to expire at the end of the year. House Speaker Nancy Pelosi (D-Calif.) issued a statement saying that 116,000 jobs were at risk.”
Oil companies are threatening that removing the tax breaks will drive up costs at the pump and limit research into new drilling locations. I’m not buying it — sounds more like corporate greed to me. I personally believe that to help foster the development of new, clean, energy sources here in America (and remain competitive with worldwide innovation), the government needs to step up and throw some serious weight behind this initiative.
Then again, it may take a certain person leaving office in 2009 before any of that becomes a reality…
