House Passes Tax Increase on Oil and Gas

By February 27, 2008Briefly Legal, Energy, Taxation

Catching up on the day’s news, we see the House passed H.R. 5351, the Renewable Energy and Energy Conservation Tax, by a vote of 236-182. Eight Democrats voted no, 17 Republicans voted aye. Roll call here.

House Republican Whip Roy Blunt issued a statement:

As oil settles in above $100 a barrel, and natural gas makes its way toward $10 a thousand, the only thing the bill on the floor tonight would do is ensure today’s prices turn into tomorrow’s bargains.

Majority Leader Steny Hoyer also had a statement:

Last year alone, the five largest oil companies had a combined profit of $123 billion – which only provokes this question: Do these companies need and deserve these taxpayer subsidies? The answer, of course, is no.

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