Ron Wyden: “with the CEOs of the major oil companies admitting that they do not need tax breaks, Democrats and Republicans in the…”

“with the CEOs of the major oil companies admitting that they do not need tax breaks, Democrats and Republicans in the Senate are signaling that it is a new day as far as energy taxes. For the first time in 20 years, the Senate is on the brink of cutting back on a portion of the billions of dollars in tax breaks the major oil companies receive annually. The long march toward reforming the energy provisions in our Tax Code began a couple of days ago, when the Senate Finance Committee accepted my amendment that would limit a brand-new tax break in the 2005 Energy bill that would allow the oil companies to get faster write-offs for their exploration costs. That amendment was, in my view, a beginning at rolling back unnecessary tax breaks. Today, a bipartisan group, under the leadership of Senator Feinstein and Senator Sununu, are building on that. It is preposterous for the Senate to keep voting out tax breaks for the major oil companies when these executives go on national television and say they aren't needed. At a time when the Low-Income Home Energy Assistance Program doesn't have enough funds, at a time when Americans are hurting all across the country, I don't know how it is possible for a Member of the Senate to stand up and say: We are going to continue to dispense tax favors that the oil industry says are not needed.…”