Pelosi Pushing For Repeal Of Oil Company Tax Breaks

[babylonsister]

Pelosi targets oil firms in energy push

Pelosi to Push Ahead With a $21 Billion Tax Package As Part of Energy Bill

H. JOSEF HEBERT
AP News

Dec 04, 2007 18:15 EST

Defying a threat of a presidential veto, House Speaker Nancy Pelosi intends to push ahead with a $21 billion tax package, including repeal of tax breaks for major oil companies, as part of an energy bill, aides to the speaker said Tuesday.

Democratic leaders circulated a summary of the legislation that includes the new taxes as well as a requirement for a 40 percent increase in automobile fuel efficiency, a huge increase in the use of ethanol as a motor fuel, and a mandate for utilities to use renewable fuels.

Republicans earlier this year blocked Senate attempts to pass new energy taxes, contending they would hinder domestic oil and gas production. Democratic supporters of the taxes said that with oil hovering near $90 a barrel and the industry making large profits, the tax breaks aren't needed.

The White House has said repeatedly that if the energy legislation singles out the oil companies for new taxes, advisers would recommend that President Bush veto the bill.

Energy Secretary Samuel Bodman reiterated the administration's opposition to such taxes in a meeting with reporters Tuesday. "It is wrong to single out an industry, the oil industry or any industry" for new taxes, Bodman said at an energy newsmaker sponsored by the Platts publication.

The House draft bill, expected to come up for a vote as early as Thursday, calls for repealing $13.5 billion in tax breaks given to major oil companies in 2004 and 2005 and another $7.5 billion in various non-energy tax increases and adjustment to raise revenue needed for the new energy programs, aides said.

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