Energy Policy Act of 2005 Celebrates First Birthday
The EPAct was on passed on July 29, 2005 and signed into law on August 8, 2005. It provided huge subsidies for the oil and gas industry. One year later oil companies are posting record profits and gasoline prices are at record highs.
It's been so successful that Energy Secretary Bodman hosted a celebration. Other celebrants included U.S. Senator Pete Domenici (NM), U.S. Congressman Joe Barton (TX-6th), and representatives of industries who are benefiting from tax incentives. Progress towards increasing U.S. energy security and reducing dependence on sources of energy from unstable regions of the world was highlighted.
There was no mention of inviting tax payers who benefited from the act.
http://www.energy.gov/news/3858.htm
Labels: Congress, Corporationists, Security
posted by Cheryl @ 5:04 AM
2 Comments:
I heard on TV (last night) that the energy companies were concerned that Americans would be upset at their record profits...well, DUH.
Just imagine if we were subsidizing alternative/renewable energy instead!!!
Just before the final bill was enacted last year, the Congressional Budget Office review of the conference version of the bill estimated the Act would increase direct spending by $1.6 billion, and reduce revenue by $12.3 billion between 2006 and 2015.
That lost revenue is being borrowed from China, spent in Iraq and added to the mountain of debt created by this Administration.
This pattern of shifting taxes away from wealthy corporations to average wage earners, is threatening the existence of America's middle class. All the while the *right* is touting the success of the "Bush economy".
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