Oil

Critical List: Senate wimps out on oil subsidies bill; solar storms loom

The Senate voted down a bill that would have ended tax subsidies for the five biggest oil companies. The bill had little to no chance of passing the House and becoming law, but the Senate wussed out on taking a stand even on a bill crafted only to score political points. In Maryland, "renewable energy" will come from the sun, the wind, and incinerated trash. We told you last week that the Fish and Wildlife Service was set to move forward on evaluating and listing 251 potentially endangered species, after a court settlement. Psych! The Center for Biological Diversity objected …

Oil

Senate Republicans filibuster to protect oil-industry subsidies — after getting gusher of oil money

Cross-posted from Think Progress. On Tuesday night, Republicans in the Senate filibustered the majority’s attempt to repeal $21 billion in subsidies for the big five oil companies — the same companies that made over $30 billion in profits in just the first three months of 2011. While three out of four Americans believe ExxonMobil and the other oil majors should pay their fair share, instead of receiving taxpayer welfare, the oil-friendly Senate split 52 to 48 to end the subsidies. Though the majority of the Senate voted to repeal these oil tax breaks, the procedural motion required a 60-vote threshold. …

Oil

Six irrational ideas about oil and gas prices debunked

Let’s give these cuckoo ideas a reality check.Photo: Jeremy BrooksCross-posted from New Deal 2.0. It’s not pretty when several irrational ideas collide. On May 12, the Senate conducted a hearing to discuss the removal of a $2 billion per year tax break for the top five oil companies. The New York Times called the testimony at the hearing “a big whine for big oil.” Eliminating a tax break like this should be a no-brainer, but that idea is blocked by six irrational notions from the right that come together in an explosion of false logic: Speaker John Boehner (R-Ohio) claims that …

Oil

Ending Big Oil’s tax holiday

Will Congress finally end government handouts for Big Oil?Cross-posted from the Center for American Progress. The Senate plans to vote tonight on the Close Big Oil Tax Loopholes Act — legislation that would eliminate $21 billion of tax loopholes over the next decade for the five largest oil companies. The bill, sponsored by Sen. Bob Menendez (D-N.J.) and 28 of his colleagues, would close tax loopholes for Chevron Corporation, ConocoPhilips, Exxon Mobil Corporation, and the U.S. subsidiaries of BP and Royal Dutch Shell. And it would require that all recovered funds go to the U.S. Treasury to reduce the federal …

Politics

Obama’s oil plan shows he still doesn’t get post-truth politics

In his weekly address, Obama once again promoted an energy plan that centrally involves increased domestic drilling for oil and gas. You can read the ugly details at The New York Times or Politico. Here’s the political thinking that informs this move: Gas prices are rising and people are angry. Republicans and conservative Dems are blaming gas prices on Obama and bashing him for not drilling enough. Yet his left base hates drilling and oil companies. The answer? Engage in what a Politico reporter called the “triangle strategy” — more drilling to please his critics, reduced oil subsidies to please …

Some biofuels worse than dirtiest fossil fuels

If you fuel your truck with biodiesel made from palm oil grown on a patch of cleared rainforest, you could be putting into the atmosphere 10 times more greenhouse gasses than if you’d used conventional fossil fuels. It's a scenario so ugly that, in its worst case, it makes even diesel created from coal (the "coal to liquids" fuel dreaded by climate campaigners the world over) look "green." The biggest factor determining whether or not a biofuel ultimately leads to more greenhouse-gas emissions than conventional fossil fuels is the type of land used to grow it, says a new study …

Oil

Americans to Big Oil: We’ve got your number

Skimmed oil from the Gulf is pumped into recovery trucks.Photo: BP AmericaCross-posted from the Center for American Progress. This post was coauthored by Valeri Vasquez, special assistant for energy policy at the Center for American Progress. The numbers don’t lie. Tax loopholes allow Big Oil companies to ratchet up their annual earnings at the expense of American taxpayers. Well-placed campaign contributions to their congressional allies preserve these undeserved handouts. Americans eager to reduce the mammoth federal debt that threatens our economy’s long-term prosperity overwhelmingly support ridding the tax code of these unnecessary subsidies. As Seth Hanlon, director of fiscal reform, …

Oil

Keystone pipeline spilled tar-sands oil 11 times in past year. Do we really want to supersize it?

The routes of the existing and proposed Keystone pipelines. Image: RL MillerThe State Department is currently weighing whether to approve the Keystone XL pipeline, which would carry tar-sands oil some 2,000 miles southward, from Alberta, Canada, to Houston and Port Arthur, Texas. It would be an expansion of the now-operational Keystone pipeline that goes as far as Cushing, Okla. The original Keystone pipeline has been in operation less than one year, and its owner TransCanada predicts no more than one spill every seven years. Instead of one spill every seven years, oil has spilled 11 times in the last year. …

Critical List: Oil industry clinging to subsidies, Monsanto continues world takeover

Oil industry leaders will testify before Congress today. Their message: Cutting oil subsidies is discrimination! Expand oil and gas production, instead, because that’s somehow good for everybody. And, anyway, oil companies pay more than enough taxes, if you ask the oil companies. If you ask anyone else, they pay a lower rate than the average American. The U.S. is already expanding offshore oil production: Shell just received permission to start a new drilling project in the Gulf of Mexico. Nothing could possibly go wrong with offshore drilling in the Gulf of Mexico, right? Renewable energy projects, on the other hand, …

Got 2.7 seconds?

We've devised the world's shortest survey to find out what kind of actions our readers are taking. You know you want to.

×