Democrats look to close lucrative Gulf drilling loophole

[Judi Lynn]

Source: Times-Picayune

Democrats look to close lucrative Gulf drilling loophole
Published: Thursday, February 17, 2011, 8:00 AM
By Bruce Alpert, Times-Picayune

Some House Democrats say Republicans who want to reduce the federal deficit should look at closing a 1995 loophole that allows oil companies to drill without paying royalties at some locations in the Gulf of Mexico.

Changing the drilling rules, three House Democrats said Wednesday, could save $1.5 billion this year and $53 billion over the next 25 years. They are proposing to accomplish that with an amendment to a pending House Republican bill that would cut $60 billion in federal spending over the last seven months of the 2011 fiscal year, which ends Sept. 30. A vote on the Democratic amendment is expected today.

"Right now, the Republican leadership is looking to cut millions of meals for our nation's senior citizens, while defending these free lunches for BP, Exxon and other multibillion-dollar corporations," said Massachusetts Rep. Ed Markey, the top Democrat on the House Natural Resources Committee. "We all know we need to make smart cuts to the deficit, but this is the kind of special interest loophole that should be closed before we open attacks on programs for the poorest Americans."

Rep. Steve Scalise, R-Jefferson, countered that the effort would make domestic drilling less competitive and affect the economy for the worse.





Read more: http://www.nola.com/politics/index.ssf/2011/02/democrats_look_to_close_lucrat.html

[Roy Rolling]

1. Competitive?

How much less competitive will they be when oil companies made tens of billions in clear profit each year over the last few years? And some, like Exxon, paid very little if any taxes. Corporate welfare needs to be stopped 100%---are American..oops, I mean Multi-national Oil Companies so weak they can't compete without a government subsidy? They need a better business model if they are such welfare cases.

[Maineman]

2. Please do it ! This is a no-brainer.

[Name removed]

6. Deleted message

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[bread_and_roses]

3. And did they try this when they were the majority? (n/t)

[formercia]

4. This way, if it fails, they can blame it on the GOP.

Fucking Invertebrates.

[Uncle Joe]

5. Kicked and recommended.

Thanks for the thread, Judi Lynn.