Political Quotes

“The Senator from Oklahoma also mentioned the total cost of the blender's credit as a reason for supporting repeal of VEETC. He claimed the American people will have spent $32 billion on this credit over the past 30 years. That may be the case. Again, I don't believe we should be debating ethanol incentives by themselves or in a vacuum. For comparison's sake, I wish to inform my colleagues of the cost and duration of a few oil subsidies. The Senator from Oklahoma has derided the 30-year-old ethanol blender's credit, arguing that the industry is mature. Well, what about our century-old oil industry? Don't forget, oil was discovered in Pennsylvania in 1859. We haven't had the incentives for that long, but according to the Government Accountability Office, the tax break allowing for the expensing of intangible drilling costs began in 1916, more than 95 years ago, and continues today. The percentage depletion allowance was enacted in 1926, 85 years ago, and it still exists today. After 95 years, is the domestic oil industry not mature? I know my colleagues will be interested in how much these two subsidies have cost the American people. A report issued by the General Accounting Office in the year 2000 looked at the subsidies for oil production. It reviewed the 32-year period between 1968 to 2000. During that timeframe, the intangible drilling subsidy cost the American people as much as $52 billion. The percentage depletion subsidy cost the American people $82 billion.…”