Democrats look forward to punishing Big Oil

WMNF Drive-Time News Wednesday

On Thursday, House Democrats are prepared to vote on a bill that they say will roll back about $13 billion dollars worth of subsidies that the Bush Administration and Congress have given oil companies. The move is part of the House Democrats 100 hour legislative blitz.  The Democrats package consists of 3 main parts – one would be to impose a ‘conservation fee’ on about 40 companies producing oil in the Gulf of Mexico that have leases from 1998 and 1999 and which failed to include a clause requiring royalty payments if oil prices, rose, which they did      Jerry Karnas is Director for the Global Warming Campaign for the South National Wildlife Federation  (roll tape#1 o.q.”that oversite”)  Democrats are also poised to reduce accelerated tax write-offs for oil and gas exploration expenses, and shrink a tax depreciation measure that gives oil and gas companies in the U.S. the equivalent of a 1% corporate tax reduction.  Jerry Karnas from the Southern Chapter of the National Wildlife Federation says that theDemocrats then plan on redirecting some of the money into a new fund that will promote clean, renewable energy alternatives. And he says that  Tampa Bay’s Congressional Delegation will loom large over this coming vote on Thursday (roll tape#2 o.q. “”. On this vote”)  The National Wildlife Federation has a website where listeners this’s    

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