Revoking Big Oil’s Tax Breaks

It’s time for Congress to face the facts and begin to break our nation’s dangerous addiction to oil. The industry tax breaks and royalty holidays that we sought to eliminate yesterday no doubt serve the interests of the big oil companies, but they do not serve the interests of our nation’s long-term energy security or, for that matter, the interests of taxpayers, consumers and the environment.

Rather than continue business as usual, yesterday we began to chart a new course to energy security. The legislation before the House repealed $13 billion in egregious tax subsidies and royalty holidays that had been given to the oil companies in recent years. Instead, we will invest these funds in clean, renewable energy that is made here in the United States, including solar, wind, biomass, and biofuels. We will also invest in new energy technologies and develop policies to stimulate investment and deployment of energy efficient products and services. Investing in alternative fuels and new energy technologies is also an investment in jobs here in America.