Nick Snow
Washington Editor
WASHINGTON, DC, Mar. 4 -- Democratic leaders in both houses of the US Congress used record-high crude oil prices to press Senate Republicans to back a House-approved bill that would shift $18 billion in tax breaks from major oil companies to alternative and renewable energy projects.
Responding to news Mar. 3 that crude oil prices reached $103.95/bbl, breaking a record set in 1980 when adjusted for inflation, Senate Majority Leader Harry M. Reid (D-Nev.) said: "As oil prices reach record highs in a weakening economy, Democrats remain committed to repealing Big Oil's tax breaks and instead use that money to expand incentives for investing in energy-efficient vehicles and renewable energy.
"Bush Republicans blocked our efforts to do so last year, but we will soon give them another chance to help lower prices at the pump and reduce our reliance on oil," he continued.
In the House, which passed H.R. 5351 by 236 to 182 votes largely along party lines Feb. 27, Speaker Nancy Pelosi (D-Calif.) said that Americans are paying the price for years of a failed energy policy that has resulted in heavy reliance on imported oil and a growing threat from global warming in addition to record energy costs.
After Democrats assumed control of Congress in January 2007, she said, federal lawmakers enacted the first motor fuel economy increase in 32 years; dramatically boosted efficiency standards for buildings, lighting and appliances; and invested in domestic biofuels. "This year, we again seek to repeal billions of dollars in unnecessary subsidies given to Big Oil at a time of record profits and invest these savings in clean, renewable energy initiatives that will create good-paying green jobs," Pelosi said.
She and Reid urged President George W. Bush to drop his opposition to the measure, which he has said he would veto because it is aimed at increasing taxes in a single industry.
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