House Dems Pass Massive Tax Hike on Oil Companies to Bring Down Price of Fuel

This latest move by the Pelosi-Reid Congress is not surprising.
Democrats have always been against oil drilling and exploration.
And, they have been wanting to increase taxes on oil companies since forever.
Their policies have caused our reliance on foreign oil to grow significantly.

For decades, the Democratic party has blocked one effort after another to responsibly develop the energy resources our country possesses, transforming vast areas of opportunity into “The No Zone.” (Craig)

House Democrats passed legislation again yesterday to place $18 billion in new taxes on the largest oil companies, an industry that is already overtaxed by government.
Here are the final vote results. The bill passed 236-182 largely along party lines.
The AP reported:

Hoyer acknowledged “this legislation alone will not bring down gas prices.” But he said the measure will provide a needed boost to alternative energy industries — solar, wind, biofuels, and geothermal — and help promote energy conservation. “That may bring down gas prices three years from now, 10 years from now,” he said.

The bill would roll back two lucrative tax breaks for the five largest U.S. oil companies. One helps manufacturers compete against foreign companies; the other gives American companies a tax credit related to oil and gas extraction outside the country. Democrats estimated that those current breaks would save the oil companies $17.65 billion in taxes over the next 10 years.

The House-passed bill would use that money to promote renewable energy industries — such to promote renewable energy industries — such as wind, solar and cellulosic ethanol plants — by extending tax credits that recently expired or are scheduled to end at year’s end…

The oil industry has lobbied intensely against the House tax legislation, calling it a “discriminatory bill” that targets companies that already pay considerable taxes. “New taxes … will even further reduce our energy security by discouraging new domestic oil and natural gas production and refinery capacity expansions,” the American Petroleum Institute said in a statement.

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