Washington (Platts)--2Jan2008
US House Speaker Nancy Pelosi said Congress, in light of the $100/barrel
oil price threshold hit Wednesday, would again seek to repeal tax breaks to
oil and gas companies, enact legislation to prevent price gouging at the
gasoline pump and pursue antitrust action against member countries of OPEC for
alleged market manipulation.
All three provisions were in earlier House-passed versions of energy
legislation, but were jettisoned from the final bill after repeated White
House veto threats.
"It is unfortunate that President Bush opposed our legislation to repeal
multi-billion dollar subsidies given to Big Oil companies," Pelosi, a
California Democrat, said in a statement.
The earlier House bill sought to take over $15 billion in tax incentives
from the oil industry to pay for new and expanded tax credits for renewable
energy. The measure was opposed by industry groups and the White House, which
said it could lead to lower domestic production.
--Cathy Landry, cathy_landry@platts.com
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