Please comment on oil company tax bill | SummitDaily.com
YOUR AD HERE »

Please comment on oil company tax bill

DELLA CRONE, DILLON

As I read how the U.S. House voted recently, I was amazed that HR4297 rescinding some of the tax break for oil companies, did not pass. The major oil companies are reporting record high quarterly profits at the expense of the American people. The influence of campaign contributions by big oil is certainly evident in this vote. Where is our outrage?This bill would remove some oil-company tax breaks that were enacted when oils was less than $20/barrel. It was to encourage additional domestic exploration. Now oil is $50-$70/barrel and these tax breaks just increase the outrageous profits of the oil companies. If the bill was passed, the oil companies would lose around $5 billion in tax breaks over five years. How about taking that $5 billion in tax credits and use it to accelerate development and production of renewable fuels from domestic biomass resources and more energy efficient cars? This would permanently reduce our dependence on foreign oil and improve the environment. Something that the big oil companies could care less about.This bill is now in the House-Senate negotiations. Please write or e-mail your congressman/woman and tell them how you feel about this issue. This is if you feel any passion about the future of our earth for our future generations.Or, if you do not have the time to compose a letter, you can go to http://action.citizen.org and search “oil company tax break.” This organization already has a letter written for you and you just e-mail it to your senator(s).


Support Local Journalism

Support Local Journalism

As a Summit Daily News reader, you make our work possible.

Now more than ever, your financial support is critical to help us keep our communities informed about the evolving coronavirus pandemic and the impact it is having on our residents and businesses. Every contribution, no matter the size, will make a difference.

Your donation will be used exclusively to support quality, local journalism.

For tax deductible donations, click here.
 

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User