House Starts Grilling on Gas Companies

HR 5351 Languishes in Senate Under Threat of Veto From President Bush

House Bill 5351 has been sitting without discussion in the Senate Finance Committee for over a month, after being delivered by the House on February 28. This may not seem like such a major delay, except HR5351 is an extension of tax credits for solar, wind and other renewable
 energy sources, which has driven the massive investment in these technologies which will be critical for energy independence for the United States. The problem with the bill: Big Oil and President George W. Bush oppose the redistribution of $18 billion of subsidies that Big Oil receives, spread out over the next 10 years.

And Rep. Edward Markey, D-Massachusetts, wants to know why Big Oil should continue reaping massive profits, as well as special benefits from the government.

"We have to move beyond this oil economy," Markey said Tuesday on CBS' "The Early Show." "We have to move to a renewable energy economy."

The House's Select Committee on Energy Independence and Global Warming chaired by Markey started grilling top executives of Exxon Mobil Corp., Shell Oil Co., BP America Inc., Chevron Corp. and ConocoPhillips April 1 on why these massive companies, with a combined total profit in 2007 of over $120 billion, should still receive this subsidy. The bill would instead give those subsidies via tax credits to private individuals to install renewable energy systems in their homes and businesses.

Alternative energy lobbying groups consider the extension of the tax credits critical to the continued acceleration of the investment and installation of new renewable energy generating facilities.

"This remarkable and accelerating growth is driven by strong demand, favorable economics, and a period of welcome relief from the on-again, off-again, boom-and-bust, cycle of the federal production tax credit (PTC) for wind power," American Wind Energy Association Executive Director Randall Swisher said in a press release from the Global Wind Energy Council.

Related information
$9 billion in renewable energy installations were installed in 2007
 
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great article

Posted on 04/08/2008 at 8:04:35 AM

I heard something about this on the news, and I was outraged. I just can't believe it.

Posted on 04/06/2008 at 9:04:23 PM

Thanks for the article. :)

Posted on 04/05/2008 at 6:04:34 PM

I'm ashamed to say that I had not kept up with this but I will definitely be doing some catch-up research now. Thank you for bringing this to my attention, well reported!

Posted on 04/03/2008 at 11:04:13 PM

This is such a great topic to have written about. I agree, we need to find other means to replace oil.

Posted on 04/03/2008 at 10:04:40 PM

Excellent article! I'm glad you're making us aware of these bills!

Posted on 04/03/2008 at 3:04:04 PM

I wish....

Posted on 04/03/2008 at 2:04:28 PM

I'm all for the move to renewable energy sources NOW

Posted on 04/03/2008 at 1:04:10 PM

I feel the frustration too.............it's a shame that we cannot do without it either and have to put up with this crap

Posted on 04/03/2008 at 12:04:39 PM

I feel the frustration too.............it's a shame thaat we cannot do without it either and have to put up with this crap

Posted on 04/03/2008 at 12:04:27 PM

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