Feinstein - Eliminate Oil Drilling Tax Incentive Now!

[kerrygoddess]

Feinstein - Eliminate Oil Drilling Tax Incentive Now!
November 17th, 2005

Senator Feinstein Seeks to Repeal Drilling Incentive for Major Oil Companies

Senator Dianne Feinstein of CA and nine other Senators today introduced an amendment to eliminate a tax incentive for major integrated oil and gas companies which allows them to get a credit for the costs of their exploration and development at a charge to taxpayers of $2.4 billion over five years.

“Why should the oil and gas industry get tax breaks from the federal government when they are making record profits?” Senator Feinstein said, while introducing the amendment. “In the third quarter of 2005 alone, the five biggest companies earned a staggering combined total of more than $30 billion.”

Cosponsors of the amendment were Senators John Sununu (R-N.H.), Judd Gregg R-N.H.), Ron Wyden (D-Ore.), Maria Cantwell (D-Wash.), Russell Feingold (D-Wis.), Richard Burr (R-N.C.), John Kerry (D-Mass.), John McCain (R-Ariz.), and Susan Collins (R-Maine).

MORE - http://blog.thedemocraticdaily.com/?p=1181

[European Socialist]

1. Could any Puke or Dem vote against this amendment?