http://jec.senate.gov/public/index.cfm?p=PressReleases&ContentRecord_id=039f1242-dc45-4078-8ebf-a02d80224a2dMay 13 2011
JEC Report Shows Repealing Tax Breaks for Major Oil Companies Will Reduce the Deficit and Will Not Impact Prices at the Pump
Washington, DC – A new report by the U.S. Congress Joint Economic Committee (JEC) finds that eliminating or modifying several tax breaks currently benefiting the major integrated oil companies will reduce the deficit by $21 billion over ten years and encourage investments in alternative energy and energy efficiency.
The report,
http://jec.senate.gov/public/index.cfm?a=Files.Serve&File_id=def3390e-c933-4420-a076-19f786cd3af0">“End Tax Breaks For Big Oil: Reduce the Federal Deficit Without Increasing Prices at the Pump”, further shows that the repeal of the tax breaks will not affect oil and gas production decisions in the near term and will have little or no impact on consumer energy prices in the immediate future.
“This new JEC report makes clear that there are ways to bring down the deficit without harming our economic recovery,” said JEC Chairman Bob Casey (D-PA). “By repealing unnecessary tax breaks to the major integrated oil companies, we can reduce the deficit by more than $20 billion and speed the move to a clean energy economy without impacting prices at the pump.”
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