Subsidizing the Oil and Gas Industry By Taxpaper Dollars Absurd (Rep. Sander Levin)

The energy package, H.R. 5351, passed yesterday provides a balanced, responsible and long-term approach to addressing energy costs, the challenges of climate change and energy security. The bill will also create jobs as companies invest in new technologies and products and see their energy costs reduced. At a time when a single oil company is reporting annual earnings of more than twice the ten year cost of this bill, it is absurd to argue that the oil and gas industry needs to be subsidized by the American taxpayer. By rolling back just a portion of the tax breaks for big oil, we can make enormous strides toward solving this nation’s energy challenges and lowering consumer energy costs.