Skip to: Content
Skip to: Site Navigation
Skip to: Search

September 8, 2008 4:45:34 AM CDT

Learn about Newser Points »

« Back to the grid | Next story »

House Passes Bill to Halt Big Oil Tax Breaks

Posted Feb 28, 08 5:36 AM CST in Politics,  Business,  World 

(Newser) – Millions of dollars in tax breaks enjoyed by the top five oil companies would be rescinded under an $18 billion tax package which cleared the House of Representatives yesterday. The money saved would be plowed into creating alternative sustainable energy sources. It represents just a penny a gallon to the oil giants Exxon Mobil, Chevron, ConocoPhillips, BP and Shell.

The package faces an uphill battle in the Senate, and the White House has indicated President Bush may veto the bill. Oil company officials and Republicans argue that ending the breaks would raise fuel prices, discourage oil and gas exploration, and discriminate against a single industry. But a House lawmaker complained that "Americans are being asked to pay twice"—once at the gas station and again through tax subsidies to big oil.

Source Washington Post

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Big Oil Shut Out Of Iraq Deals

    Apr 6, 07 8:24 AM CDT
    Big Oil Shut Out Of Iraq Deals U.S. oil companies are far from first in line as Iraq doles out its initial oil contracts.   China, India—even Vietnam and Indonesia—have the inside track instead, thanks to contracts and infrastructure dating back to the Saddam regime, and more positive Iraqi sentiment. "They have no involvement with the secular or ethnic people," an Iraqi energy analyst says. "The conditions favor them." More »

The House of Representatives repealed an $18 billion package of tax breaks for oil companies Wednesday. House Ways and Means Committee Chairman Rep. Charles Rangel said it was fair for the new tax revenue...   (Associated Press)
President Bush may veto bill repealing billions of dollars worth of tax breaks for oil companies. (AP Photo/Charles Dharapak)   (Associated Press)
Task breaks worth $18 Billion enjoyed by the top five oil companies were rescinded by the House of Representatives Wednesday. The move faces an uphill battle in the Senate and could face a White House...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Big Oil Tax Breaks

Threads (1 of 4)

Tags

gas prices  • oil  • ExxonMobil  • $100 a barrel oil  • tax breaks  • Exxon  • BP  • Chevron  • ConocoPhillips  • foreign oil  • corporate tax cuts


Loading...

Premium Articles from HighBeam

Find more articles like this

Today's Most Popular


Other World Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »