??? With the price of oil above $100 a barrel, Congress is again taking action to reduce our dependence on foreign oil and support the domestic production of renewable energy. The House of Representatives passed legislation this week that would repeal some $18 billion in tax breaks for big energy companies. “The American taxpayer should not be subsidizing oil and gas companies during times of record profits and record prices at the pump,” Rep. Charles Rangel, chairman of the House Ways and Means Committee, said last week when he introduced the energy tax package.
??? The legislation includes tax credits to promote renewable energy production. Renewable sources such as solar, wind, geothermal, ethanol, and biofuels will be promoted by these tax credits. The legislation would also give consumers a $4,000 tax credit for buying plug-in hybrid vehicles, extend the tax credits for installing certain energy-efficient appliances and increases tax breaks for gas stations that install pumps for dispensing alternative fuels.
You may remember that I wrote on a very similar bill introduced and passed by the House of Representatives that met strong opposition from the Senate. Perhaps there are more Senators on the “Big Oil” payroll than in the House. The House once again has the right idea, that is best for the country, but look for the Senate to fight it tooth and nail. And even if it does pass the Senate it may be met by a Presidential veto as the White House stance was opposed to it before so I doubt he has changed his mind and decided to do what is best for the country instead of what is best for him and his “friends” in the oil industry.