Pete Stark: “I rise today in support of ending senseless tax breaks and subsidies for giant oil and gas companies and making needed…”

“I rise today in support of ending senseless tax breaks and subsidies for giant oil and gas companies and making needed investments in clean energy and efficiency. Although I support the energy package before us today, I urge my colleagues to realize that this is a small, first step. There is a tremendous amount of work to be done to confront global warming and shift our nation away from our addiction to fossil fuels. Today we have an opportunity to greatly increase energy conservation by setting new efficiency standards for appliances and promoting carbon-neutral green buildings. These two steps will prevent as much as 10 billion tons of carbon dioxide from entering the atmosphere. In addition to these measures, I strongly support the Udall-Platts amendment to establish a Renewable Electricity Standard, which will ensure that 15 percent of our electricity is produced through renewable sources by 2020. In 2006 the top five oil companies raked in record-breaking profits of over $119 billion. As President Bush himself has admitted, there is no need to give oil companies taxpayer-funded subsidies when the price of oil is at or near all time highs. I support the tax portion of the package that ends $16 billion in tax breaks for companies like Exxon/ Mobil and closes the ridiculous loophole that has allowed business owners a $25,000 deduction for purchasing a gaz-guzzling Hummer. The savings generated are then invested in developing clean energy.”