Big Oil profits ok; Big Oil subsidies are not

Q: Bush's energy bill provided billions of dollars in tax breaks & subsidies to the oil companies with the goal of boosting domestic production at a time of record profits. Do you support that?

A: I don't think the profits is the issue. The profits are okay if they're legitimately earned in a free market. What I object to are subsidies to big corporations when we subsidize them and give them R&D money. I don't think that should be that way. They should take it out of the funds that they earn.

Voted NO on criminalizing oil cartels like OPEC.

Amends the Sherman Anti-Trust Act to declare it to be illegal for any foreign states to act collectively to limit the US price or distribution of oil, natural gas, or any other petroleum product. Denies a foreign state engaged in such conduct sovereign immunity from the jurisdiction of US courts

Opponents support voting NO because:

• We can only affect OPEC subsidiaries in the US. So the result of this bill would be to hurt US companies while not affecting OPEC itself.
• OPEC is a cartel, but we have to deal with it diplomatically. The Sherman Anti-Trust Act was designed for US monopolies, not international state-run cartels.
• We should focus on domestic policies to affect gas prices. We cannot respond to a short-term crisis with a long-term response.

READ ON…..THERE IS MUCH MORE TO LEARN

Voted NO on removing oil & gas exploration subsidies.

Creating Long-term Energy Alternatives for the Nation (CLEAN) Act

• Title I: Ending Subsidies for Big Oil Act--denying a deduction for income attributable to domestic production of oil, natural gas, or their related primary products.
• Title II: Royalty Relief for American Consumers Act--to incorporate specified price thresholds for royalties on oil & gas leases in the Gulf of Mexico.
• Title III: Strategic Energy Efficiency And Renewables Reserve--makes the Reserve available to accelerate the use of clean domestic renewable energy resources and alternative fuels.

Opponents support voting NO because:

I am wearing this red shirt today, because this shirt is the color of the bill that we are debating, communist red. It is a taking. It will go to court, and it should be decided in court.

This bill will increase the competitive edge of foreign oil imported to this country. If the problem is foreign oil, why increase taxes and make it harder to produce American oil and gas? That makes no sense. We should insert taxes on all foreign oil imported. That would raise your money for renewable resources. But what we are doing here today is taxing our domestic oil. We are raising dollars supposedly for renewable resources, yet we are still burning fossil fuels.

Voted NO on keeping moratorium on drilling for oil offshore.

Vote to amend a bill providing for exploration & production of mineral resources on the outer Continental Shelf. The underlying bill revises the Outer Continental Shelf Lands Act's guidelines for natural gas lease administration. Voting YES on the amendment would maintain the 25-year moratorium on oil and gas drilling in environmentally sensitive areas offshore. Voting NO on the amendment would lift the 25-year moratorium, and establish incentives to renegotiate existing leases that fail to include market-based price caps.

Opponents support voting NO because:

For 30 years, opponents of American energy have cloaked their arguments in an environmental apocalypse. They have tried to make the argument that no matter what we do, it will destroy the environment.

This amendment takes out all of the energy production. It is a callous disregard for the jobs that have been lost over the last 30 years of following an anti-energy policy. The people who work in oil and gas, their jobs are in the Middle East or Canada. We have exported their jobs. If this amendment passes, we are going to send the rest of them. We should know how important it is to create jobs in this country, to create clean natural gas in this country, so that it can be the bridge to the future.

Voted YES on scheduling permitting for new oil refinieries.

Voting YES would allow floor debate on H.R.5254, the Refinery Permit Process Schedule Act, which provides for the following:

• The EPA, upon the request of a state governor, shall provide scheduling and financial assistance relevant to consideration of federal refinery authorizations.
• The President shall designate at least three closed military installations as potentially suitable for the construction of a refinery.
• Requires that at least one such site be designated as potentially suitable for construction of a refinery to refine biomass in order to produce biofuel.

Proponents of the resolution say:

• Over the last several years, we have seen gasoline prices increase steadily
• In the last 24 years, our refinery capacity has dropped from 19 million barrels a day to less than 17 million barrels a day.
• We must make build new refineries to meet our current demand and to prevent a loss of capacity due to another hurricane, or a terrorist attack

Voted NO on passage of the Bush Administration national energy policy.

Vote to pass a bill that would put into practice a comprehensive national policy for energy conservation, research and development. The bill would authorize o $25.7 billion tax break over a 10-year period. The tax breaks would include $11.9 billion to promote oil and gas production, $2.5 billion for "clean coal" programs, $2.2 billion in incentives for alternative motor vehicles, and $1.8 billion for the electric power industry and other businesses. A natural gas pipeline from Alaska would be authorized an $18 billion loan guarantee. It would add to the requirement that gasoline sold in the United States contain a specified volume of ethanol. Makers of the gasoline additive MTBE would be protected from liability. They would be required though to cease production of the additive by 2015. Reliability standards would be imposed for electricity transmissions networks, through this bill. The bill would also ease the restrictions on utility ownership and mergers.

Voted NO on implementing Bush-Cheney national energy policy.

Energy Omnibus bill: Vote to adopt the conference report on the bill that would put into practice a comprehensive national policy for energy conservation, research and development. The bill would authorize a $25.7 billion tax break over a 10-year period. The tax breaks would include $11.9 billion to promote oil and gas production, $2.5 billion for "clean coal" programs, $2.2 billion in incentives for alternative motor vehicles, and $1.8 billion for the electric power industry and other businesses. A natural gas pipeline from Alaska would be authorized an $18 billion loan guarantee. The bill would call for producers of Ethanol to double their output. Makers of the gasoline additive MTBE would be protected from liability. They would be required though to cease production of the additive by 2015. Reliability standards would be imposed for electricity transmissions networks, through this bill. The bill would also ease the restrictions on utility ownership and mergers.

Voted NO on raising CAFE standards; incentives for alternative fuels.

Require a combined corporate average fuel efficiency [CAFE] standard for passenger automobiles and light trucks, including sport utility vehicles, of 26 mpg in 2005 and of 27.5 mpg in 2007. It also would offer incentives for alternative fuel vehicles.

Voted NO on prohibiting oil drilling & development in ANWR.

Amendment to maintain the current prohibition on oil drilling in the Arctic National Wildlife Refuge by striking language opening the reserve up to development.

Voted NO on starting implementation of Kyoto Protocol.

Vote on an amendment that would allow the implementation of the portions of the Kyoto climate change treaty that are already allowed under law. The Kyoto Protocol of 1997, which aims to reduce emissions of certain greenhouse gases, particularly carbon dioxide, has not been ratified by the United States. The amendment would allow federal agencies, particularly the [EPA] to implement procedures already allowed under law that are also part of the Kyoto accord before the treaty is ratified by Congress.

In our previous Updates we published Ron Paul’s views on various topics from Crime, Drugs, , Education and the Economy. In this update we will continue with Paul’s views on Energy.

Ron Paul on ENERGY