MERKLEY VS BIG OIL

Senator Jeff Merkley wants to end subsidies and tax credits that encourage domestic oil drilling for the country’s biggest oil producers.  Merkley and two other senators are also calling for punative measures against what they call tax loopholes, like the one that allows oil companies to claim oil drilling and production as manufacturing, and the provision that allows oil companaies to claim depreciation on their wells as they peter out.  He says big oil companies are doing well, even in the recession, so it’s time to penalize them and use the money he estimates at 20 billion dollars to subsidize green energy companies.  The bill would only apply, he says, to oil companies with revenues of 100 million dollars a year or more.

This entry was posted on Tuesday, May 25th, 2010 at 3:00 pm and is filed under Latest News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.