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I would be SOOOO happy to see the oil companies pay their fair share by closing tax loopholes! DV

Cuban Drilling Plans & the Repeal of Oil Subsidies
Offshore drilling in Cuban waters, within 70 miles of the Florida Keys-which could begin later this year by Spanish company Repsol-took center stage this week at a U. S. Senate Energy and Natural Resources Committee hearing.

Lawmakers grilled key U.S. Coast Guard and other Obama administration officials over their authority and ability to respond to a foreign source oil spill. It was revealed during hearings that, due to the 49-year old embargo against Cuba, the Coast Guard would have to seek approval from the State Department before responding to any oil spill caused by Cuban drilling.

The congressional ‘supercommittee’ tasked with cutting the federal deficit by $1.2 trillion over 10 years, received correspondence this week from 14 Democratic and independent senators calling for the repeal of $21 billion worth of tax breaks for the five biggest oil and gas companies. The lawmakers told the co-chairs of the ‘supercommittee’ that “unlike working families struggling to make ends meet, BP, ExxonMobil, Shell, Chevron, and ConocoPhillips have money to burn.” The group says that ending the tax breaks for the big five oil companies would bring in approximately $21 billion over 10 years to the federal government. A similiar letter was sent last week by Democrats in the U.S. House of Representatives, including Minority Leader Nancy Pelosi (D-Calif.) and the ranking members of all House committees.

The Democrats on the 12 member ‘supercommittee’ generally support the repeal of the oil and gas subsidies, while Republicans strongly oppose the repeal of the tax breaks.

Posted on Wednesday, October 19, 2011 (Archive on Monday, January 01, 0001)
Posted by NStaff Contributed by

Special thanks to Richard Charter