Re: E-M:/ New US Senate Energy Bill Offers Real Relief, Not Recycled Rhetoric

[sgutt@umich.edu]

Under Title I - Tax Provisions Related to Oil and Gas of the "Consumer-First Energy Act of 2008 from the Democratic Policy Committee website:

"This tax would not apply to the windfall profits of oil companies invested in clean, affordable and domestically produced renewable alternative fuels, expanded refinery capacity and utilization, or renewable electricity production, which would all help lower consumers energy bills."

Does this mean that windfall profits of major oil companies that happen to also be invested in clean, affordable and domestically produced renewable alternative fuels, etc., would be exempt--as the syntax seems to imply--or does it mean that only the profits generated from investments specifically in clean, affordable and domestically produced renewable alternative fuels, etc. would be exempt?  If it is the former, doesn't that essentially exempt all of the major oil companies from windfall profit taxes, since they are all partially invested in these other activities?

I spoke to an aide in Sen. Reid's D.C. office and she was unable to offer clarification.

Steve Gutterman

--On Wednesday, May 07, 2008 4:37 PM -0400 Anne Woiwode <Anne.Woiwode@sierraclub.org> wrote:

> -------------------------------------------------------------------------
> Enviro-Mich message from "Anne Woiwode" <Anne.Woiwode@sierraclub.org>
> -------------------------------------------------------------------------
> 
> 
> 
> FOR IMMEDIATE RELEASE: May 7, 2008
> CONTACT: Josh Dorner, 202.675.2384
> 
> 
>      New Senate Energy Bill Offers Real Relief, Not Recycled Rhetoric
>                   Bill Puts Consumers, Clean Energy First
> 
> 
> Washington, D.C.-Senate Democrats today unveiled a new energy bill, the
> Consumer-First Energy Act of 2008.  It will address the root causes of high
> gas prices, hold Big Oil accountable and put consumers first in our
> addressing our current energy and economic crises.  A detailed summary of
> the bill is available at:
> http://democrats.senate.gov/dpc/dpc-new.cfm?doc_name=lb-110-2-78 
> 
> 
>           Statement of Carl Pope, Sierra Club Executive Director
> 
> 
> "The Sierra Club is thrilled with this bill.  The Consumer-First Energy Act
> offers Americans real relief instead of the recycled rhetoric and
> disastrous energy policies that the president and his allies in Congress
> have pushed for the past seven years.  The bill will actually protect
> consumers, put America on the path toward a clean energy future, and
> finally put the brakes on the taxpayer-funded giveaways that have been
> helping fuel Big Oil's record profits.
> 
> 
> "It's time for wind farms, not windfalls.  Right now, Big Oil has consumers
> over a barrel but isn't even paying its fair share.  This bill will take
> back the giveaways to polluters and instead put that money where it will do
> some good by investing it in clean, renewable energy, energy efficiency,
> and the other smart energy solutions that will help us break our addiction
> to fossil fuels, bring energy costs back under control, and put our economy
> back on the path to prosperity.
> 
> 
> "This bill offers Senators the chance to stop writing a blank check to Big
> Oil and begin to help their constituents who are clamoring for real relief
> from pain at the pump."
> 
> 
>                                    # # #
> 
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