Reclaiming Oil Subsidies: Senate Dem's Prepping Bill That Would Recover Billions From Big Firms

[sasha031]

Seizing the moment, Senate Democrats are working on legislation that would reclaim billions of dollars in taxpayer subsidies to Big Oil and redirect the money toward developing cleaner and cheaper fuel sources instead.

Senate Finance Committee Chairman Max Baucus (D-Mont.) announced on Thursday that his committee is crafting a measure that would repeal major tax breaks for the five largest oil and gas companies, which reported huge spikes in first-quarter profits this week due to skyrocketing oil prices.

"Now is not the time to stand idly by while large oil and gas companies get billions of dollars in tax breaks -- now is the time to take concrete steps toward cleaner, more affordable, domestically-produced energy," Baucus said in a statement. "Reducing dependence on foreign oil isn't easy, but this plan puts us on a path toward a clean, affordable energy future that works for our planet -- and our pocketbooks."
http://www.huffingtonpost.com/2011/04/28/oil-subsidies-senate-bill_n_855193.html

[abelenkpe]

1. Yeeeeaaaaah!

Big Oil clearly doesn't need the subsidy, but clean energy does.

[postulater]

2. Maybe Max could make up for his health insurance debacle.