Feinstein, Schumer, Kerry, Boxer Seek to End Royalty Windfall for Oil Co's

[kerrygoddess]

Feinstein, Schumer, Kerry, Boxer Seek to End Royalty Windfall for Oil Companies
February 16th, 2006 @ 10:30 pm

Yesterday, I posted that both John Kerry and Dianne Feinstein were on the same path with both planning to sponsor legislation to end royalty windfalls for the big oil companies. It was announced today that they are co-sponsoring this legislation along with Senators Schumer and Boxer.

The four Senators introduced legislation today, to “halt royalty windfalls for oil companies who may get more than $7 billion over the next five years as an incentive for oil exploration despite record profits.”

“It is outrageous that big oil stands to get a $7 billion handout at a time when energy companies are earning record profits and gasoline and natural gas prices have skyrocketed,” Senator Feinstein said. “Given the high price of oil and natural gas, I do not understand why these companies should benefit from additional federal incentives that they themselves said they do not need.”

“Oil and gas companies that are reaping record windfall profits need no added incentive at taxpayers’ expense to explore for oil and gas. With prices over $60 a barrel for oil and over $7 for natural gas, the record prices should be incentive enough,” Senator Schumer said.

MORE & LINKS - http://blog.thedemocraticdaily.com/?p=1971

[wisteria]

1. Thanks for posting KG! n/t