:
RSS
"Let us permit nature to have her way. She understands her business better than we do." -Michel de Montaigne
ExxonMobil's net income for 2006 -- $39.5 billion -- was the highest ever reported in the United States. The previous high, recorded in 2005, was also set by ExxonMobil. So when industry representatives bemoan a provision in the House energy bill, passed on January 18, that would increase oil royalties to pay for a clean-energy fund, it's hard to feel much sympathy. The bill, H.R. 6, closes tax loopholes, such as the one that allows oil companies to qualify for tax breaks under the Jobs Act of 2004 by reclassifying oil production as a domestic manufactured good. That's what ConocoPhillips did in 2005, lining its pockets with an additional $106 million despite posting annual profits of $13.5 billion. In addition, the new bill repeals other free passes on royalty payments, shifting a total of $14 billion into a fund for clean energy development. How that money would be divvied up -- among energy-efficiency tax breaks or wind power subsidies, for example -- would be decided through further legislation. NRDC was a strong supporter of H.R. 6 and is working with key congressional staff members to promote its passage in the Senate.
NRDC also supports the creation of a special House committee on energy independence and global warming, as was recently proposed by Speaker Nancy Pelosi, Democrat of California. Already in the House, the committees on Science and Technology as well as Energy and Commerce have scheduled hearings on global warming, as has the Senate Environment and Public Works Committee. Altogether, these are encouraging signs that global warming may finally be taken seriously during the 110th Congress.
Share
Drained Lake, Heron in Mud