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Another windfall for Big Oil
For the second time in the less than a week, Big Oil has managed to dodge any accountability for rising energy costs or climate change.
Earlier today, Senate Republicans killed a measure that would’ve forced oil companies to pay their fair share in taxes and encouraged investment in renewable energy:
The bill, almost identical to one Democratic leaders introduced last month, was packed with several provisions Democrats know are non-starters for most Republicans, including a tax on profits higher than 10 percent above a past average — the so-called windfall profits tax — and language to roll back $17 billion in tax breaks for oil companies.
The bill would’ve excluded profits earned from renewable energy from the windfall tax, thus encouraging investment in this sector. In addition, it would’ve made oil and gas price gouging a federal crime, with stiff penalties of up to $5 million during a presidentially declared energy emergency, and required traders to put up more collateral in the energy futures markets to curb speculation.
Though much of the discussion revolved around lowering gas prices, in a way the scope of this debate was simply too narrow. The goal shouldn’t be simply to lower gas prices in the short term: It should be to begin investing in a post-fossil fuel economy that will spare us the whims of the market and help us tackle global warming by curbing emissions.
But once again, Big Oil has managed to short-circuit even modest efforts like this and the Lieberman-Warner bill. Given the power that the oil companies wield right now, it’s clear nothing will change in Washington until we build a movement that will make our leaders do the right thing.
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June 12, 2008
11:09 AM
Change NOW said:
it ceases to amaze me...the same NIMBYs who start having epileptic seizures just thinking about wind farms then complain about high gas prices...and wonder why all the young people are moving away and why there is massive brain drain in this country.....
I really hope progressives or what I call "common sense" folks can take back this country....
you have to realize it takes years and years to even get a wind farm through current regs, SEQRA, permitting process, I have absolutely no vested interest in wind or anything other than saving my planet or at least being able to still go to the beach...
When you eliminate tax incentives, but maintain subsidies for oil/coal what you are you saying which they have had since their inception a century ago, you are telling the world and humans around the globe to screw off....bush/mcbush policies and attitude have led to a resurgence in the arms race when we should be conserving and working together to solve the climate crisis.....
Why are Bushies and GOP politicians blackmailing consumers????
Finally, why in god's name can anybody even think without puking of voting for mcbush???
we have got to get this thing done and fast.....we are running out of time.....I don't care if aliens are causing global warming and climate change...git r dun......ASAP
If you don't like blacks, you are in trouble....without ozone, we will all be black, it is only melatonin, you science-hating denialists and bush/mcbush apologists......except neocons who will live in caves underground....apparently....and not deal w/effects of climate change....they already have their heads in their A *(*&@SS......
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