House OKs taxes on oil companies

boulder_bum · Aug 6, 2007

http://www.cnn.com/2007/POLITICS/08/05/con...y.ap/index.html

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.

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Democrats avoided a nasty fight by ignoring -- at least for the time being -- calls for automakers to make vehicles more fuel-efficient. Cars, sport utility vehicles and small trucks use most of the country's oil and produce almost one-third of the carbon dioxide emissions linked to global warming.

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Rep. Joe Barton, R-Texas, said the bill was "a political exercise" to promote "pet projects, ... pet ideas." He predicted it "isn't going anywhere" because President Bush will veto it if it gets to his desk.

The White House indicated President Bush might veto the bill if he gets it saying it makes "no serious attempts to increase our energy security or address high energy costs" and would harm domestic oil and gas production.

The bill would repeal for oil companies a tax break given in 2004 to help domestic manufacturers compete against foreign companies, and another tax break pertaining to income from foreign oil production. Critics of the two tax provisions called them loopholes that the industry had taken advantage of.

The House-passed bill also includes an array of loan guarantees, federal grants and tax breaks for alternative energy programs. They include building biomass factories, research into making ethanol from wood chips and prairie grasses and producing better batteries for hybrid gas-electric automobiles.

The legislation would end a tax break for buying large SUVs, known as the "Hummer tax loophole" because it allows people who buy some of the most expensive SUVs to write off much of the cost.
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I think the bad news is that big business still has influence in this legislation: Detroit made the Democrats back off of fuel efficiency for the moment, Rep. Ralph Hall of Texas is fighting for the oil companies, and Bush may veto for similar reasons, but the good news is that legislators are finally starting to put up a bit of a fight.

joe1347 · Aug 6, 2007

<div class='quotetop'>QUOTE(Boulder Bum @ Aug 6 2007, 10:56 PM) [snapback]491662[/snapback]</div>

http://www.cnn.com/2007/POLITICS/08/05/con...y.ap/index.html
I think the bad news is that big business still has influence in this legislation: Detroit made the Democrats back off of fuel efficiency for the moment, Rep. Ralph Hall of Texas is fighting for the oil companies, and Bush may veto for similar reasons, but the good news is that legislators are finally starting to put up a bit of a fight.
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I'll be surprised if the measure is 'ever' signed into law - unless gas lines start to be commonplace. Americans will tolerate ever increasing gas prices, but we won't tolerate not being able to fill up our cars on demand. If and likely when that happens, Americans will then start screaming for alternatives. As for Global Warming, until the effects are both obvious and felt directly. Then Americans won't be interested in doing anything of substance.

tripp · Aug 8, 2007

<div class='quotetop'>QUOTE(Boulder Bum @ Aug 6 2007, 08:56 PM) [snapback]491662[/snapback]</div>

I think the bad news is that big business still has influence in this legislation: Detroit made the Democrats back off of fuel efficiency for the moment
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I think it would more correctly stated that the democrats lack the spine to follow through. Detroit didn't "make" the democrats do anything.

I think it is good to see some legislation that has some decent points. Improving efficiency is a national security issue and it's really pathetic that more republicans won't play that angle.

It won't matter though, US auto Mfgs will have to increase their efficiency or they'll just become niche car makers for small markets (delivery trucks and the like). They're getting killed domestically and I would bet that that's largely due to the fact that their vehicles are not efficient. The sad thing is that the executives probably don't give a rats arse (except maybe Bill Ford). They're set for life anyways. It's the l'il guys that'll get screwed.

House OKs taxes on oil companies

boulder_bum Senior Member

joe1347 Active Member

tripp Which it's a 'ybrid, ain't it?

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House OKs taxes on oil companies

boulder_bum Senior Member

joe1347 Active Member

tripp Which it's a 'ybrid, ain't it?