|
Wednesday, January 17, 2007
House To Vote on Oil Subsidy-Rescinding Bill Tomorrow
The last leg of the 100 hours legislative marathon- the Creating Long-Term Energy Alternatives for the Nation Act of 2007- will come up for a vote Thursday. The LA Times has a good summary of the bill here.
The bill addresses a bunch of shameful things that have been in the news recently. It corrects some mistakes in leases to oil companies that have cost the federal government billions. It rescinds a few tax subsidies to Big Oil, and ends a royalty incentive program that has failed to encourage more energy production. And it directs Congress to put the money that these measures bring in- about $14 billion over 10 years- in a fund to promote the development of alternative energy.
All worthy goals. But Congress should be aware that this bill doesn't- and, to my knowledge, couldn't- do anything about the fact that Interior Department auditors have let oil and gas companies get away with not paying royalties on energy recovered on federal property.
Oil and gas on federal property are common assets. When energy companies profit off of these assets, they owe the public some money. Congress needs to hold the Interior Department's feet to the fire until it gets what the public deserves. Bring on the hearings, investigations, and appropriations fights!
Posted by Matt Lewis
|