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US House passes repeal of oil, gas incentives
02/05/2007
US House members on Jan. 18 passed HR 6, which would repeal selected oil and gas federal tax incentives, pressure holders of deepwater leases issued without price thresholds to renegotiate, and redirect revenues to a new energy efficiency and alternatives research and development fund.The measure, which passed 264-163, was the last of six bills designated for consideration by House Speaker Nancy Pelosi (D-Calif.) during the first 100 hr of business in 2007.Democrats called it an important initial step in reordering national energy priorities. Republican opponents said it would punish oil and gas producers and refiners with additional taxes and redirect revenues into a vaguely structured s...
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