Introduction of the "End Oil and Gas Tax Subsidies Act of 2015"

Floor Speech

BREAK IN TRANSCRIPT

Mr. BLUMENAUER. Mr. Speaker, today, I am introducing the ``End Oil and Gas Tax Subsidies Act of 2015'' that will save American taxpayers more than $40 billion over the next decade.

American taxpayers are subsidizing some of the largest and most profitable companies in the world with their tax dollars. These subsidies underwrite the costs of oil and gas production, including offsetting intangible drilling costs, the cost of tertiary injectants, and costs associated with domestic production. There are also subsidies that offset foreign taxes, provide tax shelters disguising active income with passive losses, and subsidies that allow major oil companies to discount the value of their inventories.

The ``End Oil and Gas Tax Subsidies Act of 2015'' would end 10 of the most egregious tax loopholes enjoyed by the oil and gas industry--tax loopholes that have helped companies like Chevron, ExxonMobil and Shell add to the billions in profits they already make every year. The legislation is very similar to President Obama's proposal to eliminate oil and gas tax preferences in his FY 2016 Budget.

Instead of padding the bottom line of oil and gas companies, taxpayer dollars could be better spent renewing and rebuilding our nation's infrastructure and investing in emerging clean resources like wind and solar that will help us combat climate change and transition to a clean energy future.

I hope my colleagues will join me in supporting this important legislation.

BREAK IN TRANSCRIPT

Source