JEC Report Shows Repealing Tax Breaks for Major Oil Companies will not increase gas prices

[Bill USA]

http://jec.senate.gov/public/index.cfm?p=PressReleases&ContentRecord_id=039f1242-dc45-4078-8ebf-a02d80224a2d

May 13 2011
JEC Report Shows Repealing Tax Breaks for Major Oil Companies Will Reduce the Deficit and Will Not Impact Prices at the Pump

Washington, DC – A new report by the U.S. Congress Joint Economic Committee (JEC) finds that eliminating or modifying several tax breaks currently benefiting the major integrated oil companies will reduce the deficit by $21 billion over ten years and encourage investments in alternative energy and energy efficiency.

The report, http://jec.senate.gov/public/index.cfm?a=Files.Serve&File_id=def3390e-c933-4420-a076-19f786cd3af0">“End Tax Breaks For Big Oil: Reduce the Federal Deficit Without Increasing Prices at the Pump”, further shows that the repeal of the tax breaks will not affect oil and gas production decisions in the near term and will have little or no impact on consumer energy prices in the immediate future.

“This new JEC report makes clear that there are ways to bring down the deficit without harming our economic recovery,” said JEC Chairman Bob Casey (D-PA). “By repealing unnecessary tax breaks to the major integrated oil companies, we can reduce the deficit by more than $20 billion and speed the move to a clean energy economy without impacting prices at the pump.”
(more)

[aquart]

1. Oh, gosh. They're liars, too. Whoda thunk it?

[villager]

2. One might ask what gas prices were *before* they had these tax breaks!

could be a bit revelatory....

[HankyDubs]

4. rachel madow did a show on this

gas prices were lower before these tax breaks, but that is attributable to other factors. What she pointed out that was most interesting was that as proftits for Big Oil increased, the number of people employed by them actually decreased.

So their "we need tax breaks to create jobs" line is just a flat out lie.

[Igel]

3. "By the JEC"?

It's by the JEC's chairman's staff and authorized by the JEC chairman on his own. There's no evidence that the rest of the committee saw it before it was issued.

I've had the chairs of committees I was on issue reports in the name of the committee. It stank, because it gave the impression that somehow the committee as a whole was involved in preparing it or at least reviewing and recommending it.