Big Oil Socked $16 in New Taxes

The Associated Press reported today from WASHINGTON, DC that the United States House of Representatives Democrats declared a new direction in energy policy on Saturday by approving $16 billion in taxes on oil companies doing business in the United States, while providing billions of dollars in tax breaks and incentives for renewable (alternative) energy and conservation efforts.

U.S. House Republican opponents said the tax legislation ignored the need to produce more domestic oil, natural gas and coal in the United States. One GOP lawmaker bemoaned and commented that "the pure venom ... against the oil and gas industry."

The United States House passed the tax provisions by a vote of 221-189. Earlier in the day it had approved on a vote of 241-172 a companion U.S. energy package aimed at boosting energy efficiency and expanding the use of biofuels, solar and wind power and other renewable energy sources.

We are turning to the future," said United States Speaker of the House of Representatives Nancy Pelosi.

The house legislative bills passed at an unusual Saturday session as lawmakers prepared to leave town for their month long summer recess, didn’t want to leave town without accomplishing something that they had spent so much time talkling to the public about and this legislation will be merged with legislation passed by the United States Senate in June 2007.

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