House Votes to Tax Big Oil, Fund Renewable Energy

House lawmakers passed a bill Wednesday to take away $18 billion in tax breaks for U.S. oil companies and use that money to promote renewable energies. Republicans say taking away the tax breaks could make it harder for U.S. companies to compete globally.

Copyright © 2008 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.

RENEE MONTAGNE, host:

NPR's business news starts with renewable energy versus big oil.

Take away subsidies from big oil and put them towards wind and solar power. That's what House lawmakers voted to do yesterday. They passed a bill that would repeal $18 billion in tax breaks for big oil and use that money to promote renewable energies. Similar bills have been shot down by the Senate before. Republican opponents say taking away the tax breaks for U.S. oil companies could make it harder for them to compete globally.

Copyright © 2008 NPR. All rights reserved. No quotes from the materials contained herein may be used in any media without attribution to NPR. This transcript is provided for personal, noncommercial use only, pursuant to our Terms of Use. Any other use requires NPR's prior permission. Visit our permissions page for further information.

NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.

Comments

 

Please keep your community civil. All comments must follow the NPR.org Community rules and terms of use, and will be moderated prior to posting. NPR reserves the right to use the comments we receive, in whole or in part, and to use the commenter's name and location, in any medium. See also the Terms of Use, Privacy Policy and Community FAQ.

Support comes from: