For Immediate Release
House GOP Votes to Protect Big Oil Giveaway
WASHINGTON - By a vote of 241-171, the House of Representatives today blocked the repeal of just one of the many taxpayer-funded subsidies that benefit big oil companies.
House Republicans voted in lockstep, joined by seven Democrats, to protect the Section 199 domestic manufacturing tax credit, a multibillion-dollar giveaway for the five biggest oil companies, while considering a bill to expand domestic oil drilling.
Friends of the Earth's Climate and Energy Tax Analyst, Ben Schreiber, responded with the following statement:
“Today House Republicans made it very clear that they are not serious about sensible budget or energy solutions.
“The House GOP had the opportunity to save Americans $13 billion by eliminating a wasteful fossil fuel industry giveaway. Instead, House Republicans have chosen to pad the surging profits of some of the world’s largest corporations.
“Money that could have been used to create jobs or nourish hungry children will now inflate the bonuses of corporate oil executives.”
For more information on the $49 billion in tax breaks for the fossil fuels industry that are targeted for repeal in President Obama's budget see Friends of the Earth's policy brief: http://www.foe.org/sites/default/files/Fact-sheet-Obama-budget-fossil-fuel-giveaways.pdf
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