WASHINGTON - Oil prices reached their highest levels in 29 months today, ensuring continuing sizeable profits for oil companies, yet a bill offered by House Democrats today to revoke unnecessary tax subsidies received a grand total of zero Republican votes. Rep. Edward J. Markey (D-Mass.), whose legislation along with Rep. Earl Blumenauer (D-Ore.) was the basis for today's offering on the House floor, said this dichotomy showed the true priorities of House Republicans intent on protecting oil companies at all costs, including increasing the federal deficit.
Crude oil rose $2.66 to $99.63 a barrel on the New York Mercantile Exchange today, the highest closing amount since Sept. 30, 2008.
"On this first day of March, oil prices came in like a lion, but when it comes to taking away oil company tax breaks and cutting the federal deficit, Republicans act like docile lambs," said Rep. Markey, the top Democrat on the Natural Resources Committee. "Today a grand total of zero Republicans were brave enough to say the biggest oil companies don't need 100 year-old tax breaks to sell $100 per barrel oil to make more than $100 billion per year in profits."
During debate on the Republicans' yearly spending bill two weeks ago, House Republicans voted down an amendment by Rep. Markey that would close an oil company loophole allowing companies to drill for free in the Gulf of Mexico. That measure would have recouped up to $53 billion in lost money to taxpayers.
