Hare Again Votes to Redirect Federal Subsidies from Oil Companies into Renewable Energy
Congressman Phil Hare (D-IL) today voted to repeal $18 billion in tax cuts for oil companies and substantially increase federal investment in renewable energy. It is the third time he has voted for such a measure in the 110th Congress.
"Providing tax giveaways to profit-rich oil companies adds insult to injury for every American struggling with the price at the pump," Hare said.
The Renewable Energy and Energy Conservation Tax Act redirects these subsidies into tax incentives for renewable electricity, energy and fuel. "Investing in renewable energy will directly benefit 17th District farmers and businesses and create thousands of new jobs in our region," Hare said.
Last week, Hare visited Richland Community College in Decatur to discuss $312,000 he helped secure to create a renewable fuels degree program there.
Today's vote comes shortly after the big five oil companies reported record profits for 2007, with ExxonMobil earning $40.6 billionthe largest corporate profit in American history. While oil companies have flourished, consumers have taken it on the chin. The average cost of a gallon of gasoline in Illinois is $3.18. The price has jumped 19 cents in the last two weeks and some energy experts predict it could reach $4.00 a gallon by the spring.
"Oil and gas companies don't need our helpthe American people do," Hare said. "This legislation will provide long overdue relief to working families struggling with skyrocketing gas prices and home heating bills."