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Obstructing Solutions That Work For You

Who Needs a Bipartisan Compromise on Drilling when Oil Companies Can Get Tax Breaks?

Oil Companies Would Lose $30 Billion in Tax Breaks Under Bipartisan Compromise. “Approximately $30 billion will come from new revenues from the oil and gas industry through such measures as modifying the Section 199 manufacturing deduction for oil and natural gas production and other appropriate measures to ensure that the federal government receives its fair share of revenue from Gulf of Mexico leases.” [Sen. Conrad, Press Release Announcing Gang of Ten Compromise, 8/1/08]

McCain Opposes A Bipartisan Compromise to Expand Domestic Oil Production Because of Provisions that Would End Tax Breaks for Oil Companies. “A spokesman for Sen. McCain said that while he ‘applauds the bipartisan effort,’ he wouldn’t support the proposal because ’ he cannot and will not support legislation that raises taxes.’” [Wall Street Journal, 8/2/08]

John McCain Opposes Taxing the Record Profits of oil Companies In Order To Provide A $1,000 Energy Rebate For American Families

Protecting Big Oil’s Tax Loopholes

McCain Criticized Obama’s Call For A Windfall Profits Tax. As the Associated Press reported, “Republican Sen. John McCain criticized Sen. Barack Obama’s call for a windfall profits tax on the oil industry on Tuesday, despite leaving the door open to the same idea last month. …McCain criticized Obama, his Democratic rival, repeatedly in excerpts of a speech planned for delivery Tuesday evening. He cited Obama’s advocacy of a tax on excess oil industry profits as well as the Democrat’s vote for President Bush’s energy legislation in 2005. McCain reserved his sharpest words for the windfall profits tax. ‘If that plan sounds familiar, it’s because that was President Carter’s big idea, too. …I’m all for recycling, but it’s better applied to paper and plastic than to the failed policies of the 1970s,’ McCain said in the excerpts.” [Associated Press, 6/17/08]

Protecting Big Oil’s Wasteful Subsidies

McCain Missed Vote On Energy Policy Act Of 2007 That Cut Subsidies To Major Oil And Gas Companies By $13 Billion But Supported The Filibuster On It; The Measure Failed By One Vote. McCain missed a vote on cloture on the Energy Policy Act of 2007. The bill would increase to $21.8 billion a package of tax incentives that would be offset in part by eliminating or reducing $13 billion in subsidies for major oil and gas companies. According to Forbes Magazine, McCain “was not present for the voting because he is on the presidential campaign trail. However, a spokesperson said that he would not have supported breaking the filibuster.” [2007 Senate Vote #425, 12/13/2007; Forbes.com, 12/13/07]

Leaving Our Energy Future to Chance

McCain Said He Would Not Require Oil Companies To Use Their Profits To “Pursue Alternative Energy.” When asked in a Republican primary debate if he would “require the oil industry to use its profits to help pursue alternative energy” McCain responded, “I would not require them to. But I think that public pressure and a lot of other things, including a national security requirement that we reduce and eliminate our dependence on foreign oil—and we stop the contamination of our atmosphere, which is—and climate change, which is real and is taking place.” [GOP Primary Debate, 10/9/07]